GlaxoSmithKline Decision Boosts Theravance

GlaxoSmithKline exercised its option to license a third respiratory program from Theravance, a decision that could be worth up to $252 million in upfront and milestone payments to the South San Francisco biopharmaceutical. Theravance also has the opportunity to earn royalties on the sales of any products that result from the program, which focuses on a class of drugs to treat patients with chronic obstructive pulmonary disease and possibly asthma.

San Francisco Business Times (http://www.bizjournals.com/sanfrancisco/stories/2005/03/21/daily13.html)