Zymeworks to Acquire Theravance Biopharma in a $929 Million Deal

Theravance Biopharma, Inc. (TBPH) entered a merger agreement on June 29, 2026, to be acquired by Zymeworks Inc. (ZYME) in a deal valued at $929 million.

Deal Structure:

Theravance Biopharma shareholders will receive $17 in cash, representing a 3.57% discount to the stock’s last close.

Theravance Biopharma shareholders will also receive a contingent value right entitling them to 80% of net proceeds realized from any future license, divestiture, or other monetization transaction involving ampreloxetine over the next ten years, with the remaining 20% to Zymeworks.

In addition, if a license, divestiture, or monetization transaction involving ampreloxetine is not executed by the closing, a designee from Theravance Biopharma will explore potential opportunities to license, divest, or otherwise monetize ampreloxetine on behalf of Zymeworks for 12-months following closing.

Company Profile:

Theravance Biopharma is a biopharmaceutical company focused on developing and commercializing respiratory and neurological therapies. Its key assets include YUPELRI for the maintenance treatment of COPD and ampreloxetine, an investigational therapy in Phase 3 development for neurogenic orthostatic hypotension associated with multiple system atrophy.

Zymeworks is a clinical-stage biopharmaceutical company focused on developing novel biologic therapies for the treatment of cancer. Its pipeline includes zanidatamab, a bispecific antibody targeting HER2-expressing cancers, and other oncology candidates developed through internal programs and strategic collaborations.

Deal Details and Timeline:

The merger is expected to close in the second half of 2026.

Lazard and Evercore acted as financial advisors to Theravance, while Skadden, Arps, Slate, Meagher & Flom provided legal counsel. On the other hand, TD Cowen and MTS Health Partners served as financial advisors to Zymeworks, with legal counsel provided by Kirkland & Ellis and Matheson.

Deal Metrics:

For a comprehensive understanding of the merger and acquisition deal, visit the Deal Metrics page at:
Deal Metrics for the acquisition of Theravance Biopharma, Inc. (TBPH) by Zymeworks Inc. (ZYME)

The Deal Metrics page for each merger or acquisition includes:

• A comprehensive history chart of the merger from the announcement stage through completion or failure.
• A timeline of crucial events such as the HSR period expiration, regulatory approvals, shareholder votes, and more.
• Updates on news and SEC filings related to the deal.
• A detailed history of deal updates.
• And much more.

Disclaimer: Please exercise due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article