Glaxo venture arm lifts Addex stake to 5 percent

LONDON Nov 12 (Reuters) - GlaxoSmithKline (GSK.L) has increased its stake in Addex Pharmaceuticals (ADXN.S) to 5 percent, the Swiss biotech firm said on Wednesday.

S.R. One, the venture capital arm of Europe's largest drugmaker, which invests in promising healthcare companies, now has a total of 293,125 Addex shares, corresponding to 5.0 percent of the voting rights.

Shares in Addex, a Geneva-based company which listed on the Zurich exchange last year, hit a year high of 50.85 Swiss francs in September but have since fallen to 34 francs.

Addex reported promising results with its lead drug for treating acid reflux and migraine in September, potentially paving the way for a partnering deal with a big drugmaker.

Addex already has two partnering deals with Merck & Co (MRK.N) in schizophrenia and Parkinson's disease. A third agreement, with Johnson & Johnson (JNJ.N), focuses on developing drugs to treat anxiety and schizophrenia. (Reporting by Ben Hirschler; Editing by David Holmes)