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TBPHBullishM&Anews

High materiality8/10

Zymeworks to Acquire Theravance Biopharma for $17/Share Cash Plus CVR

Jun 29, 2026, 6:03 AM EDT3 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Cash premium and CVR create immediate upside for TBPH shareholders; potential upside from CVR depends on future monetization, but closing risk persists.

AI summary

What happened, with direct paths to the underlying reporting

Theravance Biopharma will be acquired by Zymeworks for $17 per share, valuing TBPH at about $929 million, with shareholders receiving a CVR for 80% of future ampreloxetine net proceeds. The deal follows a comprehensive strategic review and monetization of the TRELEGY royalty, with closing anticipated in the second half of 2026, pending approvals. TBPH's strong YUPELRI franchise and ongoing ampreloxetine program anchor the value narrative.

Zymeworks to acquire Theravance Biopharma for $17 per share cash plus CVR.
TBPH shareholders receive CVR for 80% of ampreloxetine net proceeds over 10 years.
Premiums: 22% vs 3/3/2026 close; 10% vs VWAP since date.
Close expected in 2H 2026, subject to shareholder approvals and closing conditions.
TRELEGY royalty monetization for $225M in 2025 referenced as value context.

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Zymeworks to Acquire Theravance Biopharma for $17/Share Cash Plus CVR

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