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TBPHBullishM&Anews

High materiality9/10

Theravance Biopharma to be acquired by Zymeworks for $17 per share

Jun 29, 2026, 6:03 AM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Cash offer at a premium creates a near-term price floor; CVR adds optional upside tied to future assets; higher likelihood TBPH trades toward $17 pre-close, barring deal disruption.

AI summary

What happened, with direct paths to the underlying reporting

Theravance Biopharma has agreed to a cash purchase by Zymeworks at $17 per share, valuing the company around $929 million and including a CVR for 80% of future ampreloxetine proceeds. The deal follows a comprehensive strategic review and targets closing in the second half of 2026, subject to approvals. The CVR adds optional upside if monetization opportunities materialize, potentially enhancing value beyond the cash offer.

Theravance Biopharma to be acquired by Zymeworks for $17 per share.
Equity value around $929 million, plus CVR for 80% of ampreloxetine proceeds.
Strategic Review Committee and Board approved; closing targeted for H2 2026.
TRELEGY royalty monetization yielded $225 million in 2025, underpinning value.
Premiums: 22% vs March 3, 2026 close; 10% vs VWAP since that date.

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