Zymeworks completes $17 per share Theravance deal

• Zymeworks completed its acquisition of Theravance Biopharma for $17 per share, adding YUPELRI profit-sharing rights and royalties.
• The company expects 2026 revenue of $278 million to $292 million and adjusted EBITDA of $114 million to $128 million.
• Zymeworks financed the acquisition with a $350 million non-recourse note and approximately $217.5 million of existing cash.

Zymeworks (NASDAQ:ZYME) completed its acquisition of Theravance Biopharma for $17 per share, adding rights to YUPELRI profit sharing and international royalties.

The transaction gives Zymeworks a 35% share of U.S. net profits from YUPELRI and royalties on sales outside the United States, expanding the company’s commercial revenue sources.

Zymeworks financed the acquisition through a $350 million non-recourse note from OMERS and approximately $217.5 million of existing cash after applying cash acquired from Theravance Biopharma, while acquisition and restructuring-related costs are estimated at approximately $25 million to $30 million.

Zymeworks develops biopharmaceutical treatments, including therapies designed using its antibody-drug conjugate and protein engineering platforms.

The company said it expects 2026 revenue of $278 million to $292 million and adjusted EBITDA of $114 million to $128 million, excluding future transactions, while a potential $100 million TRELEGY ELLIPTA payment could be received in the first quarter of 2027 if a commercial milestone is achieved by December 31, 2026.