We have advised Theravance Biopharma, Inc. (Nasdaq: TBPH) on its definitive agreement to be acquired by Zymeworks Inc. for US$17.00 per share, representing an equity value of approximately US$929 million, together with a contingent value right (CVR).

Under the terms of the transaction, shareholders will also be entitled to 80% of net proceeds from any future licence, divestiture or other monetisation of ampreloxetine over the next ten years. The price represents a premium to Theravance Biopharma’s recent trading levels.

The transaction follows a comprehensive strategic review process and is expected to close in the second half of 2026, subject to shareholder approval and customary closing conditions.

The Arthur Cox team advising Theravance Biopharma was led by Ailish Finnerty and Orlaith Kane (Tax) and David Vos (Corporate and M&A), and included Andrea Bowdren and Aisling Taylor (Corporate and M&A); Cristina Susanu (Tax); Kevin Langford and Melissa O’Sullivan (Employment); and Richard Ryan and Emily Tyler (Competition and Regulated Markets).

For further information, visit the Theravance Biopharma website.