Theravance shareholders will also receive a CVR tied to 80% of any ampreloxetine monetization proceeds over the next 10 years, with the deal expected to close in the second half of 2026.
Zymeworks Inc. has agreed to buy Theravance Biopharma, Inc. for $17.00 per share in cash, valuing the company at about $929 million. Theravance Biopharma shareholders will also receive a CVR (contingent value right) that entitles them to 80% of net proceeds from any future license, divestiture or other monetization of ampreloxetine during the next ten years, while Zymeworks would retain the remaining 20%. The company said the offer represents a 22% premium to Theravance Biopharma's closing stock price on March 3, 2026, when it announced topline results from the ampreloxetine Phase 3 CYPRESS study, and a 10% premium to its volume weighted average price since that date. Theravance said the agreement follows a strategic alternatives review by its Strategic Review Committee and Board of Directors, and the transaction is expected to close in the second half of 2026, subject to shareholder approval, regulatory clearances and other customary conditions.