GlaxoSmithKline (NYSE:GSK) and Theravance (UNKNOWN:THRX.DL) will soon bring their Relvar Ellipta medication to market in Europe. The companies announced in a joint press release that the European Commission (the European Union's executive branch) has granted marketing authorization for the treatment. This gives the companies license to sell it in 31 countries on the continent.

Relvar Ellipta is delivered once per day using Ellipta, a dry powder inhaler. The drug is used to treat both asthma and chronic obstructive pulmonary disease, known better as COPD. For the former affliction, the drug can be used as a regular treatment in patients 12 and older. For the latter, Relvar Ellipta can be used for symptomatic treatment of adults.

GlaxoSmithKline will receive a milestone payment of $15 million from Theravance. The payment was conditional on the commission's granting marketing authorization.

At the end of its most recently reported quarter, Theravance had nearly $600 million in cash and equivalents.