Theravance Biopharma sells remaining Trelegy royalty interest to GSK for $225M

Theravance Biopharma, Inc.

Sells outer-year Trelegy royalties to GSK for $225M cash; transaction closed May 30, 2025.
Retains right to up to $150M in milestones from Royalty Pharma on 2025/2026 net sales.
First outcome from Strategic Review Committee formed Nov 2024; board committed to returning excess capital.
Total potential lifetime value from Trelegy monetization now $1.525B including prior $1.1B upfront.
2025 financial guidance unchanged; company continues to focus on YUPELRI and ampreloxetine.

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