GSK LABA COLLABORATION

In November 2002, Theravance entered into a collaboration with GlaxoSmithKline plc (GSK) to develop and commercialize once-daily Long-Acting Beta2 Agonist (LABA) products for the treatment of chronic obstructive pulmonary disease (COPD) and asthma. Beta2 agonists are medicines that work by relaxing the muscles in the wall of the lung airways, allowing the airways to expand (known as bronchodilation) and leading to improved lung function in COPD and asthma patients. The collaboration has resulted in the selection of vilanterol (VI) as the inhaled LABA to be developed for once-daily administration both as a single product for the treatment of COPD and as part of two new combination medicines: RELVAR ELLIPTAor BREO ELLIPTA(FF/VI), which combines VI with an inhaled corticosteroid, fluticasone furoate (FF), for the treatment of COPD and asthma, and ANORO ELLIPTA(UMEC/VI), which combines VI with a long-acting muscarinic antagonist, umeclidinium bromide (UMEC), for the treatment of COPD.

GSK STRATEGIC ALLIANCE

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.

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