Zymeworks completes Theravance merger; pro forma 9M26 net income $11.8M on $321.2M revenue

Zymeworks Inc.

Merger completed Sept 23, 2026: each Theravance share converted into $17.00 cash plus one CVR tied to ampreloxetine proceeds and sales.
Consideration for shares $887.2M plus $28.4M equity awards; total $915.6M, reduced by $355.2M cash acquired, net $560.4M.
Financing includes $350M OMERS non-recourse notes at 8.25%, maturing Dec 31, 2036, secured by YUPELRI assets with 75% of YUPELRI profit-share cash flows assigned.
Pro forma 9M 2026 revenue $321.2M and net income $11.8M ($0.15 diluted EPS); FY2025 pro forma revenue $213.4M and net loss $43.7M ($0.58).
Preliminary purchase accounting: $415.4M YUPELRI product rights, $96.7M TRELEGY milestone receivable, $104.4M goodwill, $91.6M unrecognized tax benefits.

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