GSK buys more of Theravance
pharmafile | May 18, 2012 | News story | Research and Development, Sales and Marketing | COPD, Cellzome, GSK, Relovair, Theravance
GlaxoSmithKline now owns more than a quarter of biopharma company Theravance after shelling out nearly $213 million to buy ten million extra shares.
GSK has upped its stake significantly from 18.3% to 26.7% of Theravance’s total outstanding capital stock – nearly 26 million shares overall – in a move which was approved by the US company’s shareholders.
The move comes just days after GSK expanded its platform technology capability by snapping up those shares it does not already own, in chemical proteomics company Cellzome for $99 million.
The Theravance deal, which was announced in April, went through this week although the companies have been collaborating since 2002.
Inhaled respiratory drug Relovair – a once-daily combination of long-acting beta agonist (LABA) vilanterol trifenatate (VI) and GSK’s existing corticosteroid, fluticasone furoate (FF) – is the jewel in their crown.
A new treatment for asthma/chronic obstructive pulmonary disease (COPD), Relovair is intended to be the follow-up to GSK’s blockbuster Seretide/Advair.
The company insists it on track to file Relovair in Europe and the US despite mixed results in late-stage trials, where it failed to prove itself superior to Seretide in a Phase III asthma programme.
GSK says it will still be submitted for COPD in the US and Europe in the middle of this year, and for asthma in Europe at the same time.
The companies say they are ‘reviewing the strategy’ for a future US filing. The drug is not yet approved anywhere in the world.
GSK and Theravance also have a bifunctional muscarinic antagonist-beta agonist (MABA) for the treatment of COPD in Phase II development.
Theravance specialises in small molecule medicines across therapeutic areas including: respiratory disease, bacterial infections, and central nervous system/pain.
GSK has deep pockets at present: in addition to the Theravance and Cellzome deals, it has upped the ante in its ongoing attempt to take over Human Genome Services by appealing directly to the US firm’s shareholders.
Its takeover bid for the Maryland-based company was rebuffed last month by the board, but GSK has started a tender offer to acquire all of the outstanding shares.
Adam Hill
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