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GlaxoSmithKline enters strategic alliance with Theravance Inc.

April 26, 2004 - GlaxoSmithKline plc and Theravance Inc., a privately held pharmaceutical company, announced they have entered into a broad-based strategic alliance to develop and commercialize novel medicines across a variety of important therapeutic areas, including bacterial infection, respiratory, urinary incontinence, and gastrointestinal. Under the terms of the alliance Theravance will receive $129 million, a significant part of which relates to GSK's purchase of shares to increase its ownership position in Theravance from approximately 6% to approximately 19%, with an option for a further extension of GSK ownership in 2007. The alliance provides Theravance with a strong global pharmaceutical partner and access to significant capital to continue its drug discovery and development efforts.