GlaxoSmithKline's asthma drug Relvar approved in Europe

LONDON (Reuters) - GlaxoSmithKline and Theravance's new inhaled lung drug Relvar has been approved in Europe to treat both asthma and chronic obstructive pulmonary disease (COPD), confirming an endorsement from regulators in September. The medicine, which is inhaled through a palm-sized device called Ellipta, consists of a corticosteroid to reduce inflammation and a novel long-acting beta-agonist (LABA), which is designed to open the airways. It was approved in May in the United States, where it is called Breo, but only so far to treat COPD. The approval will trigger a $15 million payment to GSK from Theravance, with a further $15 million due when the product is launched, GSK said on Monday. (Reporting by Paul Sandle; editing by Kate Holton)