In March 2004, Theravance entered into a strategic alliance whereby GlaxoSmithKline (GSK) received an option to obtain exclusive development and commercialization rights to product candidates from certain of Theravance's discovery programs on pre-determined terms and on an exclusive, worldwide basis. Upon licensing a program, GSK is responsible for funding all future development, manufacturing and commercialization activities for product candidates in that program. In 2005, GSK licensed our Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) program for the treatment of chronic obstructive pulmonary disease and in October 2011, Theravance and GSK expanded the MABA program by adding six additional preclinical MABA compounds discovered by Theravance. GSK has no further option rights on any of the Company's research or development programs under the strategic alliance.