Vancouver, British Columbia, September 23, 2026
Zymeworks Inc. has completed its previously announced acquisition of Theravance Biopharma, Inc., bringing Theravance into Zymeworks as a wholly owned subsidiary and expanding Zymeworks’ portfolio of commercial healthcare assets, royalty interests, and research programs. The transaction, announced earlier in 2026 at $17 per Theravance share, represents an important expansion of Zymeworks’ biopharmaceutical portfolio and supports its strategy of combining innovative research and development with commercial and royalty-based revenue streams. The completed acquisition adds YUPELRI® (revefenacin), additional royalty interests, milestone opportunities, research assets, and approximately $2.5 billion in Irish tax attributes to Zymeworks’ broader portfolio.
Acquisition Expands Zymeworks’ Commercial Portfolio
The acquisition provides Zymeworks with access to Theravance’s established commercial and partnered healthcare assets. A central component is YUPELRI® (revefenacin), a once-daily nebulized long-acting muscarinic antagonist (LAMA) approved for the maintenance treatment of chronic obstructive pulmonary disease (COPD). YUPELRI has been marketed in the United States since 2019 through a collaboration between Viatris and Theravance Biopharma. Under the transaction structure, Zymeworks gains Theravance’s 35% U.S. net profit share in YUPELRI, together with additional international royalty interests. The addition of YUPELRI gives Zymeworks an established commercial respiratory medicine alongside its existing portfolio. Zymeworks already has commercial and partnered interests connected to Ziihera® (zanidatamab-hrii) and other biotherapeutic programs. The company said the combination is intended to create a more diversified portfolio spanning commercial products, royalties, milestones, and internally developed medicines.
Transaction Adds Royalties and Development Assets
Beyond YUPELRI, the acquisition brings several additional financial and pharmaceutical development assets into Zymeworks. Theravance had been eligible for milestone payments associated with partnered products, including a potential $100 million commercial milestone related to TRELEGY ELLIPTA®, subject to applicable conditions. The portfolio also includes royalty interests connected to VIBATIV® (telavancin) and other partnered programs. Zymeworks will also retain Theravance’s research and development assets, including the investigational program ampreloxetine. Under the transaction arrangements, Zymeworks has indicated that it will evaluate the acquired research assets within the context of its broader pipeline and capital-allocation strategy. A contingent value rights structure also provides Theravance shareholders with potential economic participation associated with certain future commercialization or monetization outcomes involving ampreloxetine.
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Zymeworks Builds Diversified Biopharma Platform
The completed acquisition reflects Zymeworks’ strategy of building a diversified biotechnology company combining commercial and royalty-generating assets with an internal drug-development engine. Zymeworks is developing novel therapeutics using its proprietary Azymetric™ platform, with capabilities spanning multispecific antibodies, antibody-drug conjugates, and other next-generation antibody technologies. Its portfolio includes Ziihera, a HER2-targeted bispecific antibody, as well as pasritamig, a clinical-stage multispecific antibody developed by Johnson & Johnson using Zymeworks’ antibody-engineering technologies. The acquisition was financed through a combination of Theravance’s expected net cash balance, Zymeworks’ cash contribution, and a $350 million non-recourse financing arrangement secured primarily against the U.S. YUPELRI profit share. The original transaction terms provided for $17 in cash per eligible Theravance share plus a contingent value right (CVR) tied to specified future economic outcomes associated with ampreloxetine. The CVRs are subject to conditions and do not guarantee future payments.
With the transaction now completed, Theravance Biopharma is part of Zymeworks, giving the combined company a broader mix of commercial medicines, royalty streams, milestone opportunities, and research programs. Zymeworks plans to discuss the final transaction details during a conference call with investors and the public on September 28, 2026. The acquisition marks a significant development in the biotechnology sector as Zymeworks expands beyond its existing portfolio and integrates Theravance’s respiratory medicine and other healthcare assets into its long-term business strategy.
Source: Zymeworks, Theravance Biopharma press release
