Zymeworks to acquire Theravance Biopharma for $17 per share

• Zymeworks agreed to acquire Theravance Biopharma (NASDAQ:TBPH) for $17 per share in cash, implying an equity value of approximately $929 million.
• Theravance shareholders will also receive a contingent value right for 80% of net proceeds from any ampreloxetine monetization over ten years.
• The transaction is expected to close in the second half of 2026.

Zymeworks has agreed to acquire Theravance Biopharma (NASDAQ:TBPH) for $17 per share in cash.

The deal implies an equity value of approximately $929 million for Theravance Biopharma.

Shareholders of Theravance Biopharma will also receive a contingent value right entitling them to 80% of net proceeds from any monetization of ampreloxetine over a ten-year period.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including shareholder and regulatory approvals.

Theravance Biopharma is a biopharmaceutical company focused on the development of medicines for respiratory and infectious diseases, with ampreloxetine as a key asset in its pipeline.

Zymeworks is a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics for oncology and other indications.

The acquisition allows Zymeworks to expand its portfolio with Theravance’s clinical assets while providing Theravance shareholders with immediate cash value and potential upside through the CVR.