ARTICLE | Company News

Theravance up on GSK investment

November 30, 2010 12:13 AM UTC

Theravance Inc. (NADAQ:THRX) gained $2.35 (10%) to $25.20 on Monday after raising $129.4 million through the sale of 5.8 million shares at $22.50 per share to partner GlaxoSmithKline plc (LSE:GSK; NYSE:GSK). The price is a 2% discount to Theravance's close of $22.85 on Friday, before the deal was announced. The investment increases GSK's stake in Theravance to about 19% from about 12%. ...