In March 2004, Theravance entered into a strategic alliance whereby GlaxoSmithKline plc (GSK) received an option to license product candidates from all of Theravance's current and future full drug discovery programs initiated prior to September 1, 2007, 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. To date, GSK has licensed our two COPD programs pursuant to the terms of the strategic alliance. In August 2004, GSK exercised its right to license our Long-Acting Muscarinic Antagonist (LAMA) program and in March 2005, GSK exercised its right to license our Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) program.