Washington, D.C. 20549

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                             (Amendment No. )*

                              THERAVANCE, INC.
                                (Name of Issuer)

                         Common Stock, $.01 Par Value
                        (Title of Class of Securities)

                                  88338T 10 4
                                (CUSIP Number)

                              December 31, 2004
             (Date of Event Which Requires Filing of this Statement)

Check the following box to designate the rule pursuant to which this Schedule is

            Rule 13d-1(b)
            Rule 13d-1(c)
          x Rule 13d-1(d)

*The remainder of this cover page shall be filled our for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the

                                                (Continued on following page(s))

CUSIP NO. 88338T 10 4 13G 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON GlaxoSmithKline plc 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ] (b) [ ] 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION England and Wales 5 SOLE VOTING POWER NUMBER OF -0- SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 9,401,498 Class A Common EACH REPORTING 7 SOLE DISPOSITIVE POWER PERSON -0- WITH 8 SHARED DISPOSITIVE POWER 9,401,498 Class A Common 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,401,498 Class A Common 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 17.7% 12 TYPE OF REPORTING PERSON* CO *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP NO. 88338T 10 4 13G Item 1. (a). Name of Issuer: Theravance, Inc. (b). Address of Issuer's Principal Executive Offices: 901 Gateway Boulevard South San Francisco, CA 94080 Item 2. (a). Names of Person Filing: GlaxoSmithKline plc (b). Address of Principal Business Office: 980 Great West Road Brentford Middlesex TW8 9GS ENGLAND (c). Citizenship: England and Wales (d). Title of Class of Securities: Class A Common (e). CUSIP Number: 88338T 10 4 Item 3. Not Applicable. Item 4. Ownership. The information in items 1 and 5 through 11 on the cover pages (page 2) on Schedule 13G is hereby incorporated by reference. Item 5. Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More Than Five Percent on Behalf of Another Person: The following companies are indirect, wholly-owned subsidiaries of Reporting Person and owners of record for 9,401,498 Class A Common shares, collectively: Owner of Record No. of Shares SmithKline Beecham Corporation 6,820,853 Glaxo Group Limited 2,580,645 Item 7. Identification and Classification of Subsidiaries Which Acquired the Security Being Reported on by the Parent Holding Company: Not applicable. Item 8. Identification and Classification of Members of the Group: Not applicable. Item 9. Notice of Dissolution of Group: Not Applicable Item 10. Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purpose or effect. Signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. GLAXOSMITHKLINE PLC By: ____/S/_______ S.M. Bicknell Company Secretary Dated: February 11, 2005