Theravance Inc. (THRX: Quote) and GlaxoSmithKline (GSK: Quote) announced Monday morning that they entered into a stock purchase agreement, under which Theravance will issue, and GSK will acquire, 10,000,000 shares of Theravance common stock at a price of $21.2887 per share, for a total investment of $212,887,000. After this purchase GSK will own 25,814,421 shares of Theravance common stock, which would increase GSK's ownership of Theravance from approximately 18.3% to approximately 26.8%.
Theravance gapped up at the open Monday and has spiked higher in early trade. The stock is now up 1.37 at $20.87. Theravance has risen to a 3-month high and has re-crossed its 200-day moving average.
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by RTT Staff Writer
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