Zymeworks to acquire Theravance Biopharma for $17/share (~$929M total cash consideration)

Zymeworks Inc.

Deal adds YUPELRI (revefenacin) with ~$60M annualized cash flow from 35% U.S. profit share
Financing: $350M non-recourse note from OMERS Life Sciences, plus Zymeworks cash and Theravance's ~$360M net cash at close
Shareholders receive $17 cash plus one CVR per share tied to ampreloxetine monetization (80% of net proceeds to CVR holders)
Zymeworks expects $100M Trelegy milestone from Royalty Pharma in Q1 2027; also retains ~$2.5B Irish tax attributes
Transaction expected to close in H2 2026; Zymeworks also maintains up to $125M share repurchase program

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.