GlaxoSmithKline has increased its share in biopharmaceutical company Theravance, the firm's development partner of Relovair, a once-daily treatment for asthma and chronic obstructive pulmonary disease (COPD).
Following approval by Theravance stockholders on 15 May 2012, GSK now owns 25.8 million shares, or 26.7% of Theravance common stock.
GSK initially purchased 10 million shares for $21.29 apiece.
Theravance entered into a long-term agreement with GSK in November 2002 for the development of inhaled corticosteroid (ICS) / LABA combination, Relovair.
The drug, which has now completed its Phase 3 development, is a follow-up of GSK's blockbuster Advair which expired in September 2010.
GSK intends to submit regulatory applications for Relovair for the treatment of COPD in the US and Europe, in mid-2012.
For asthma, the firm also plans to submit an application in Europe in mid-2012 and GSK and Theravance are reviewing the strategy for a future US filing.