Pharma BD Deal Intelligence
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.
| 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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