Issued: Wednesday 16 May 2012, London, UK & South San Francisco, CA

GlaxoSmithKline plc (“GSK”) (LSE:GSK) and Theravance, Inc. (“Theravance”) (NASDAQ: THRX) announced today that following approval by Theravance, Inc.‟s stockholders at their Annual Meeting held on 15 May 2012, and expiration of applicable waiting periods under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, GSK‟s acquisition of 10,000,000 shares of Theravance common stock on the terms previously announced on 2 April 2012, has now completed.

As a result, GSK now owns 25,814,421 shares of Theravance common stock, approximately 26.7% of the total outstanding capital stock of Theravance.

About GSK Theravance Collaboration

In November 2002, Theravance entered into a long-acting beta 2 agonist (LABA) collaboration with GSK to develop and commercialize a once-daily LABA product candidate either as a single agent or in a combination medicine for the treatment of asthma and/or chronic obstructive pulmonary disease (COPD). The inhaled corticosteroid (ICS)/ LABA combination, Relovair™*, has now completed its Phase III development and GSK intends to submit regulatory applications for COPD in the US and Europe in mid-2012. For asthma, GSK also plans to submit an application in Europe in mid-2012 and GSK and Theravance are reviewing the strategy for a future US filing. The long-acting muscarinic antagonist (LAMA)/LABA programme is in Phase III development in COPD. In March 2004, Theravance entered into a strategic alliance with GSK, under the terms of which GSK has licensed a Bifunctional Muscarinic Antagonist-Beta 2 Agonist (MABA) for the treatment of COPD. This programme is currently in Phase II development.

GlaxoSmithKline – one of the world‟s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com

Theravance – a biopharmaceutical company with a pipeline of internally discovered product candidates and strategic collaborations with pharmaceutical companies. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections, and central nervous system (CNS)/pain. Theravance‟s key programs include: Relovair™, LAMA/LABA („719/vilanterol (VI)) and MABA (Bifunctional Muscarinic Antagonist-Beta 2 Agonist), each partnered with GlaxoSmithKline plc, and its oral Peripheral Mu Opioid Receptor Antagonist (PμMA) program. By leveraging its proprietary insight of multivalency to drug discovery, Theravance is pursuing a best-in-class strategy designed to discover superior medicines in areas of significant unmet medical need. For more information, please visit Theravance's web site at www.theravance.com .

*Relovair™ is a once-daily inhaled corticosteroid (ICS)/long-acting beta-agonist (LABA) combination treatment, comprising fluticasone furoate and vilanterol (FF/VI), currently in development for the treatment of COPD and asthma. This investigational medicine is not currently approved anywhere in the world.

Relovair™ is a trademark of the GlaxoSmithKline group of companies. The use of the brand name Relovair™ for FF/Vl is not approved by regulatory authorities around the world.

THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of Theravance, Inc.

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