Theravance Biopharma to be Acquired by Zymeworks for $929M Cash Plus Contingent Value Right
TBPH sits 62% above its 52-week low of $10.578 on elevated volume (3.0× avg).
Summary
Theravance Biopharma has entered a definitive agreement to be acquired by Zymeworks for $17.00 per share in cash and a contingent value right for ampreloxetine, valuing the company at approximately $929 million.
Key Events · M&A and Partnerships · TBPH
-
Acquisition Agreement
Theravance Biopharma will be acquired by Zymeworks Inc. for $17.00 per share in cash.
-
Contingent Value Right (CVR)
Shareholders will also receive one CVR per share, entitling them to 80% of net proceeds from any future license or monetization of ampreloxetine over the next ten years.
-
Total Transaction Value
The cash portion of the deal represents an equity value of approximately $929 million.
-
Premium to Market
The cash consideration offers a 22% premium to the company's closing stock price on March 3, 2026, and a 10% premium to the volume-weighted average price since that date.
Analysis · TBPH · Life Sciences
This 8-K announces a definitive merger agreement where Zymeworks will acquire Theravance Biopharma. Shareholders will receive $17.00 per share in cash, representing a significant premium over recent trading, plus a contingent value right (CVR) tied to the future monetization of ampreloxetine. This transaction concludes the strategic review initiated earlier this year and provides immediate value to shareholders while retaining potential upside from a key asset.
At the time of this filing, TBPH was trading at $17.10 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $908.9M. The 52-week trading range was $10.58 to $21.03. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.