17th Jun 2020 12:43
(Alliance News) - GlaxoSmithKline PLC on Wednesday said it will raise new capital through the issue of senior notes for general corporate purposes.
The London-based pharmaceutical company via unit GSK Finance No.3 PLC intends to offer senior notes due 2023 exchangeable into ordinary shares of Theravance Biopharma Inc currently held by Glaxo.
The notes, which will not bear a coupon, will be exchangeable into substantially all of the 9.6 million shares of Theravance Biopharma currently held by Glaxo.
Theravance Biopharma is a Cayman Island-based company developing a treatment for chronic obstructive pulmonary disease, a type of lung conditions that causes breathing difficulties.
Theravance Biopharma will not receive any proceeds from the note offering.
Shares in Glaxo were up 1.8% at 1,660.73 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
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