Zymeworks to Acquire Theravance Biopharma for $929 Million

Zymeworks announced a cash purchase of Theravance Biopharma for $929 million, expanding the oncology‑focused company into the respiratory‑disease market. The deal gives Zymeworks control of Theravance’s FDA‑approved COPD treatment Yupelri, a once‑daily nebulized drug sold in the United States through a partnership with Viatris.

Theravance shareholders will receive $17 per share, a modest discount to the prior closing price. Following the announcement, Theravance shares fell about 3.5% and Zymeworks stock dropped more than 8%. The acquisition is expected to generate near‑term cash flow for Zymeworks, with closing slated for the second half of 2026. Zymeworks may also monetize other acquired assets, such as the experimental drug ampreloxetine, with proceeds split between the two companies.