Theravance Biopharma completes sale of TRC units to Royalty Pharma for $1.107 billion cash

Theravance Biopharma, Inc.

Sold 2,125 Class B and 6,375 Class C units of Theravance Respiratory Company to Royalty Pharma on July 20, 2022.
Total cash consideration of $1.107 billion, net of $420 million payoff of 9.5% non-recourse notes due 2035.
Pro forma net gain of approximately $931.8 million recorded, with estimated income tax payable of $120.6 million.
Pro forma financials show elimination of $148.3 million equity investment and $396.1 million non-recourse notes.
Transaction qualifies as discontinued operations; pro forma net loss of $68.1 million for six months ended June 30, 2022.

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