May 16, 2012
GlaxoSmithKline Completes Transaction to Increase Its Ownership in Theravance
LONDON and SOUTH SAN FRANCISCO, Calif., May 16, 2012 (GLOBE
NEWSWIRE) -- GlaxoSmithKline plc ("GSK") (LSE:GSK)
and Theravance, Inc. ("Theravance") (Nasdaq:THRX)
announced today that following approval by Theravance,
Inc.'s stockholders at their Annual Meeting held on 15
May 2012, and expiration of applicable waiting periods under
the US Hart- Scott-Rodino Antitrust Improvements Act of 1976,
GSK's acquisition of 10,000,000 shares of Theravance
common stock on the terms previously announced on 2 April
2012, has now completed.
As a result, GSK now owns 25,814,421 shares of Theravance
common stock, approximately 26.7% of the total outstanding
capital stock of Theravance.
In November 2002, Theravance entered into a long-acting
beta2 agonist (LABA) collaboration with GSK to
develop and commercialize a once-daily LABA product candidate
either as a single agent or in a combination medicine for the
treatment of asthma and/or chronic obstructive pulmonary
disease (COPD). The inhaled corticosteroid (ICS)/ LABA
combination, Relovair™*, has now completed its Phase III
development and GSK intends to submit regulatory applications
for COPD in the US and Europe in mid-2012. For asthma, GSK
also plans to submit an application in Europe in mid-2012 and
GSK and
Theravance are reviewing the strategy for a future US filing.
The long-acting muscarinic antagonist (LAMA)/LABA programme
is
in Phase III development in COPD. In March 2004, Theravance
entered into a strategic alliance with GSK, under the terms
of which GSK has licensed a Bifunctional Muscarinic
Antagonist-Beta2 Agonist (MABA) for the
treatment of COPD. This programme is currently in Phase II
development.
Theravance - a biopharmaceutical company with a pipeline of internally discovered product candidates and strategic collaborations with pharmaceutical companies. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections, and central nervous system (CNS)/pain. Theravance's key programs include: Relovair™, LAMA/LABA ('719/vilanterol (VI)) and MABA (Bifunctional Muscarinic Antagonist-Beta2 Agonist), each partnered with GlaxoSmithKline plc, and its oral Peripheral Mu Opioid Receptor Antagonist (PµMA) program. By leveraging its proprietary insight of multivalency to drug discovery, Theravance is pursuing a best-in-class strategy designed to discover superior medicines in areas of significant unmet medical need. For more information, please visit Theravance's web site at www.theravance.com.
*Relovair ™is a once-daily inhaled corticosteroid (ICS)/long-acting beta-agonist (LABA) combination treatment, comprising fluticasone furoate and vilanterol (FF/VI), currently in development for the treatment of COPD and asthma. This investigational medicine is not currently approved anywhere in the world.
Relovair™ is a trademark of the GlaxoSmithKline group of
companies. The use of the brand name Relovair™ for FF/VI is
approved by regulatory authorities around the world.
THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A
DIFFERENCE® are registered trademarks of
Theravance, Inc.
Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk factors' in the 'Financial review & risk' section in the company's Annual Report 2011 included as exhibit 15.2 to the company's Annual Report on Form 20-F for 2011.
Theravance Cautionary Statement Regarding Forward-Looking Statements
Theravance's press release contains certain
"forward-looking" statements as that term is
defined in the Private Securities Litigation Reform Act of
1995 regarding, among other things, statements relating to
goals, plans, objectives and future events. Theravance
intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements
contained in Section 21E of the Exchange Act and the Private
Securities Litigation Reform Act of 1995. Examples of such
statements include statements relating to the potential
benefits and mechanisms of action of drug candidates,
statements concerning enabling capabilities of
Theravance's approach to drug discovery and its
proprietary insights, statements concerning expectations for
product candidates through development and commercialization
and projections of revenue, expenses and other financial
items. These statements are based on the current estimates
and assumptions of the
management of Theravance as of the date of the press release
and are subject to risks, uncertainties, changes in
circumstances, assumptions and other factors that may cause
the actual results of Theravance to be materially different
from those reflected in its forward-looking statements.
Important factors that could cause actual results to differ
materially from those indicated by such forward-looking
statements include, among others, risks of collaborating with
third parties to develop and commercialize products. These
and other risks are described in greater detail under the
heading "Risk Factors" contained in
Theravance's Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission (SEC) on May 2, 2012
and the risks discussed in our other period filings with SEC.
Given these uncertainties, you should not place undue
reliance on these forward-looking statements. Theravance
assumes no obligation to update its forward-looking
statements.
UK Media enquiries: David Mawdsley +44 (0) 20 8047 5502 (London) Stephen Rea +44 (0) 20 8047 5502 (London) Sarah Spencer +44 (0) 20 8047 5502 (London) David Daley +44 (0) 20 8047 5502 (London)
US Media enquiries: | Kevin Colgan | +1 919 483 2839 | (North Carolina) |
Melinda Stubbee | +1 919 483 2839 | (North Carolina) | |
Sarah Alspach | +1 919 483 2839 | (Washington, DC) | |
Jennifer Armstron | g +1 919 483 2839 | (Philadelphia) |
Analyst/Investor enquiries: | Sally Ferguson | +44 (0) 20 8047 5543 (London) |
Tom Curry | + 1 215 751 5419 (Philadelphia) | |
Gary Davies | +44 (0) 20 8047 5503 (London) | |
Jeff McLaughlin | + 1 215 751 7002 (Philadelphia) | |
Ziba Shamsi | +44 (0) 20 8047 3289 (London) |
Senior Vice President & CFO Michael W. Aguiar + 1 650 808 4100 (California)
investor.relations@theravance.com
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