Theravance Jumps on Glaxo Investment (THRX, GSK)

Health and Healthcare

Published: April 2, 2012 12:23 pm

Theravance Inc. (NASDAQ: THRX) got a big boost today from a purchase of 10 million additional shares by GlaxoSmithKline plc (NYSE: GSK) at a 7.5% premium to a volume-weighted average share price for the past five trading days thru last Friday. GSK now owns about 26.8% of Theravance, up from Glaxo’s previous stake of 18.3%.

The two companies are working on a new once-a-day drug, Relovair, to treat asthma and chronic obstructive pulmonary disease (COPD). The drug is important to Glaxo as a replacement for its Advair drug which has lost its patent protection in the US and will lose it next year in Europe.

GSK and Theravance are gearing up to file for approval use as a treatment for COPD in the US and Europe for Relovair later this year. Approval for the drug’s use against asthma is also on track for this year, but a US filing may be done later due to the stringency of US rules on once-daily drugs.

Theravance shares are up nearly 16% today at $22.57 in a 52-week range of $12.91-$28.95.

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%¹ today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

¹https://www.fdic.gov/national-rates-and-rate-caps