Pharma BD Deal Intelligence
A low-cost respiratory licensing deal, not a Theravance acquisition: Mylan paid just $15M upfront plus a $30M equity investment for revefenacin (TD-4208), a nebulized once-daily LAMA for COPD. The drug reached FDA approval as Yupelri, growing into a durable but sub-scale respiratory brand—a solid single, not a blockbuster.
Theravance Biopharma and Mylan announced that they have entered into a development and commercialization agreement for TD-4208, a novel nebulized LAMA for the…
FDA accepted the NDA for revefenacin in adult COPD patients, with PDUFA action date set, marking on-time delivery of the partnership's regulatory milestone.
Theravance and Mylan expanded the Yupelri development and commercialization agreement to include China and adjacent territories, signaling continued partner…
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Theravance Biopharma and Mylan partnered on development and commercialization of TD-4208 (revefenacin), a once-daily nebulized LAMA for COPD. Mylan paid $15M cash plus $30M equity investment at signing, with up to $220M in development/sales milestones. Mylan led US commercialization with Theravance co-promote rights; Mylan led ex-US (excluding China) development.
Assessment window: 5yr post-close.
$12.3B Global COPD therapeutics market 2023 (~$12.3B)
COPD is a progressive, inflammatory lung disease (chronic bronchitis and emphysema) that obstructs airflow and causes breathlessness, cough, and exacerbations. It primarily affects older adults with smoking or environmental exposure history; many patients with severe disease cannot reliably use handheld inhalers and require nebulized maintenance therapy.
The maintenance LAMA class for COPD has long been anchored by Boehringer Ingelheim's Spiriva (tiotropium) HandiHaler/Respimat, plus newer once-daily LAMAs Tudorza/Eklira (aclidinium, AstraZeneca/Covis) and Incruse Ellipta (umeclifinium, GSK). Fixed-dose LAMA/LABA combinations (Anoro Ellipta, Stiolto Respimat, Bevespi Aerosphere) and triple therapies (Trelegy Ellipta, Breztri Aerosphere) dominate moderate-to-severe segments. Revefenacin's strategic position is the underserved nebulizer-dependent population — typically severe COPD patients with poor peak inspiratory flow rates who cannot generate adequate handheld-device delivery. At the time of the 2015 Mylan-Theravance partnership, no once-daily nebulized LAMA existed; nebulized maintenance was limited to short-acting agents (ipratropium, albuterol) requiring 3–4x daily dosing or off-label nebulized formoterol (Perforomist). FDA approval as Yupelri followed in November 2018, validating the deal thesis. Mylan's nebulizer/respiratory channel reach paired with Theravance's airway pharmacology made the partnership commercially logical, though Yupelri's launch trajectory has been modest given the niche population.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Mylan Inc. / Theravance Biopharma, Inc. (TD-4208 program) (this deal) | 2015 | $265M | 61 |
| Mylan Inc. / Bioniche Pharma Holdings Limited | 2010 | $550M | 60 |
| Mylan Inc. / Famy Care Limited (women's healthcare businesses) | 2015 | $800M | 56 |
| Mylan Inc. / Agila Specialties (Strides Arcolab) | 2013 | $1.8B | 45 |
| Mylan Inc. / Abbott Laboratories (non-U.S. developed-markets specialty and branded generics business) | 2014 | $5.3B | 33 |
| Vertex Pharmaceuticals Incorporated / Concert Pharmaceuticals, Inc. | 2017 | $250M | 85 |
| Madison Dearborn Partners / Ikaria, Inc. | 2013 | $1.6B | 85 |
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More: 2015 deals · Mylan Inc. deals · Respiratory deals