Zymeworks acquires Theravance Biopharma for $929 million, paying $17 per share in an all-cash deal expected to close in the second half of 2026. The acquisition marks the oncology-focused drugmaker's entry into respiratory disease, gaining access to Yupelri, an FDA-approved COPD treatment with $266.6 million in 2025 U.S. net sales. Theravance explored a sale after its experimental drug ampreloxetine failed a late-stage trial, prompting workforce restructuring.
Zymeworks acquisition of Theravance
- ▪Zymeworks will acquire Theravance Biopharma for $929 million in cash
- ▪The acquisition is expected to close in the second half of 2026
Strategic expansion beyond oncology
- ▪The deal marks Zymeworks' entry into the respiratory disease segment, expanding beyond its oncology focus
- ▪The acquisition gives Zymeworks access to Yupelri, an FDA-approved once-daily nebulized treatment for chronic obstructive pulmonary disease (COPD)
- ▪Chronic obstructive pulmonary disease (COPD) is a progressive lung disease that obstructs airflow and makes breathing difficult
- ▪Zymeworks will compete with major drugmakers including GSK, AstraZeneca, and Boehringer Ingelheim in the respiratory disease segment
Deal financial terms
- ▪The acquisition is expected to provide near-term cash flow following the deal's close
- ▪Zymeworks will buy all outstanding Theravance shares for $17 each, representing approximately a 3.6% discount to Theravance's closing stock price on June 26, 2026
Theravance pipeline products
- ▪Theravance initiated a restructuring that could affect about half of its workforce following the ampreloxetine trial failure
- ▪Zymeworks will consider monetizing acquired assets including ampreloxetine, with any proceeds from a potential ampreloxetine deal to be split 20% for Zymeworks and 80% for Theravance shareholders
- ▪Theravance announced earlier in 2026 that it was exploring strategic alternatives, including a potential sale, after its experimental drug ampreloxetine for a rare disorder failed a late-stage trial
Combined company assets
- ▪Yupelri's U.S. net sales were $266.6 million in 2025, up 12% from 2024
- ▪Theravance has a 35% net profit share in Yupelri in the United States, which is marketed through a collaboration with Viatris
- ▪Yupelri's U.S. net sales rose 7% to $62.4 million in the first quarter of 2026
Story comments
Loading comments…