Theravance Biopharma shares fell about 3% on June 29, 2026, after the company announced a definitive agreement to be acquired by Zymeworks in an all-cash deal valued at approximately $929 million. Theravance shareholders will receive $17.00 per share in cash, a 22% premium to the closing price on March 3, 2026, the day the company reported failed phase III results for its lead candidate ampreloxetine, plus a contingent value right for 80% of any future net proceeds from licensing or monetizing ampreloxetine over 10 years. The acquisition, expected to close in the second half of 2026, follows a strategic review launched after the CYPRESS study missed primary and secondary endpoints, leading Theravance to wind down the program and restructure. The company had relied heavily on collaboration revenues from its 35% share of U.S. profits on Viatris' COPD therapy Yupelri. Management stated the Zymeworks deal is the most value-maximizing option for shareholders.
Theravance Biopharma IncAcquisition at $17/share premium, value-maximizing for shareholders
Zymeworks Inc. Common StockAcquiring Theravance in $929M deal, expanding pipeline
Viatris Inc