GlaxoSmithKline(GSK,UK) to increase its shareholding in Theravance

GlaxoSmithKline plc (GSK) and Theravance(a biopharmaceutical company with a pipeline of internally discovered molecules) announced that GSK will increase its shareholding in Theravance through the purchase of Theravance common stock in a private placement. GSK and Theravance agreed to a stock purchase for GSK to purchase 5,750,000 shares of Theravance common stock at a price of $22.50 per share, for a total investment of $129,375,000.After this, GSK will own 15,151,499 shares of Theravance common stock and Class A common stock, which represent approximately 19% of the total outstanding capital stock of Theravance. The most recent five-day volume-weighted average price per share of Theravance common stock was $22.35.