Theravance Biopharma shareholders will receive $17.00 per share in cash and a contingent value right for 80% of ampreloxetine proceeds over ten years, valuing the deal at about $929 million. The acquisition by Zymeworks follows a strategic review and is expected to close in H2 2026 pending approvals.
Under the definitive agreement Zymeworks will acquire Theravance Biopharma for $17.00 per share in cash, valuing the equity at approximately $929 million. Shareholders will also receive a contingent value right entitling them to 80% of net proceeds from any future ampreloxetine monetization over ten years.
The $17.00 per share offer represents a 22% premium to the closing price on March 3, 2026 and a 10% premium to the volume-weighted average price since that date. The transaction follows a comprehensive strategic alternatives review overseen by an independent committee and Board actions including royalty monetization and organizational restructuring.
The acquisition is expected to close in the second half of 2026, subject to shareholder approval, regulatory clearances and customary closing conditions. Post-closing, a Theravance designee will have 12 months to explore additional ampreloxetine licensing or divestiture opportunities on behalf of Zymeworks if no transaction is executed at closing.
