Zymeworks to Buy Theravance Biopharma in $929 Million Cash Deal
The acquisition adds a unique nebulized COPD treatment to Zymeworks' portfolio to diversify its revenue streams through partner-driven cash flows.
Zymeworks Inc. (ZYME) agreed to acquire Theravance Biopharma, Inc. in an all-cash transaction valued at approximately $929 million.
Under the terms of the agreement, Zymeworks will pay $17.00 a share in cash consideration. The companies expect the deal to close in the second half of 2026.
Zymeworks said the acquisition adds YUPELRI, the first and only nebulized, once-daily, long-acting muscarinic antagonist (LAMA) for the maintenance treatment of chronic obstructive pulmonary disease (COPD), to its partnered portfolio. The company stated the move furthers its commitment to improving outcomes for patients with serious diseases.
“We are building a more diversified and durable business by combining partner-driven cash flows and innovative R&D, together in an integrated strategic approach to build long-term stockholder value,” said Kenneth Galbraith, Chair and Chief Executive Officer of Zymeworks.
Theravance Biopharma specializes in respiratory therapies, with YUPELRI positioned for COPD patients who require or prefer nebulized therapy over handheld devices due to limitations in dexterity, cognition, or inspiratory flow. The product is co-promoted in the U.S. under a profit-and-loss sharing arrangement with Viatris. In the third quarter of 2025, YUPELRI net sales reached a record $71.4 million.
Beyond its respiratory portfolio, Theravance has been advancing ampreloxetine, an investigational norepinephrine reuptake inhibitor for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy.