Pharma BD Deal Intelligence
Zymeworks' $929M all-cash acquisition of Theravance for its YUPELRI COPD royalty stream, sweetened by a CVR giving sellers 80% of any future ampreloxetine monetization. A 22% premium deal built on a durable respiratory royalty, with nOH upside carved out as a separate contingent payoff rather than embedded value.
Cash-and-royalty acquisition financing Zymeworks' pipeline
Full analysis, sources & comparables →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.
Zymeworks acquires Theravance Biopharma primarily for its cash and the YUPELRI (revefenacin) royalty stream — a once-daily nebulized LAMA for COPD marketed in the US by Viatris — with additional upside via a CVR on ampreloxetine, a norepinephrine reuptake-based candidate studied in neurogenic orthostatic hypotension (Phase 3 CYPRESS). Theravance holders receive $17.00/share cash plus 80% of any future ampreloxetine monetization over ten years.
Theravance agrees to be acquired by Zymeworks for $17.00/share cash (~$929M) plus a CVR on ampreloxetine (80% of future net proceeds to holders). Close expected 2H 2026.
Zymeworks buys a de-risked royalty/cash base with a low-cost option on ampreloxetine; structure de-risks Zymeworks while preserving pipeline upside for former holders.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Zymeworks Inc. / Theravance Biopharma, Inc. (TD-4208 program) (this deal) | 2026 | $929M | 63 |
| Vertex Pharmaceuticals Incorporated / Concert Pharmaceuticals, Inc. | 2017 | $250M | 85 |
| Madison Dearborn Partners / Ikaria, Inc. | 2013 | $1.6B | 85 |
| AstraZeneca PLC / Amgen Inc. | 2020 | $2.3B | 84 |
| GlaxoSmithKline plc / Theravance, Inc. | 2012 | $213M | 82 |
| Swedish Orphan Biovitrum AB / AstraZeneca PLC (Synagis US rights) | 2018 | $2.3B | 80 |
| GSK plc / Jiangsu Hengrui Pharmaceuticals Co. Ltd. | 2025 | $12.0B | 65 |
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