Pharma BD Deal Intelligence
On June 29, 2026, Theravance Biopharma entered a definitive agreement to be acquired by Zymeworks for $17.00 per share in cash (~$929 million equity value) plus a contingent value right (CVR). The CVR entitles Theravance holders to 80% of net proceeds from any future license, divestiture or monetization of ampreloxetine over ten years (Zymeworks retains 20%). Theravance brings the YUPELRI (revefenacin) royalty stream in COPD and its ampreloxetine program (Phase 3 CYPRESS in neurogenic orthostatic hypotension). The $17.00 price is a 22% premium to Theravance's close on March 3, 2026. Close expected 2H 2026.