Theravance Biopharma, Inc.

Theravance Biopharma, Inc. announced the completion of its merger with Zymeworks Inc. Each ordinary share was converted into $17.00 in cash and a contingent value right (CVR). Company options and equity awards were also converted into cash and CVRs. The company has requested Nasdaq to suspend trading and initiate the delisting process. The CVRs represent the right to receive potential future payments based on licensing and commercialization of CVR Products, specifically ampreloxetine.

Theravance Biopharma, Inc. announced it entered into an Agreement and Plan of Merger with Zymeworks Inc. on June 28, 2026, under which it will become a wholly owned subsidiary of Zymeworks. Concurrently, the company reported a net loss of $5.9 million for the second quarter of 2026, a significant decline from the $54.8 million net income in the prior year, with diluted EPS falling to $(0.11). Total revenues for the quarter decreased to $20.7 million, and the company incurred $4.0 million in restructuring expenses and $6.1 million in transaction-related expenses, impacting its financial performance.

Theravance Biopharma reported its second quarter 2026 financial results and provided a corporate update, highlighting the pending acquisition by Zymeworks. The acquisition, valued at $17.00 per share in cash plus a contingent value right, is expected to close in the second half of 2026. The company also announced an 11% year-over-year increase in YUPELRI Collaboration Revenue to $20.7 million and a 35% reduction in operating expenses due to restructuring efforts. Despite a GAAP net loss of $5.9 million, non-GAAP net income from operations was $9.5 million, with a strong cash balance of $387.7 million.

Theravance Biopharma announced that Dr. Áine Miller, Senior Vice President, Development and Head of Ireland Office, will depart the company on November 15, 2026. This termination is part of the restructuring announced by the company in March 2026. In connection with her departure, Dr. Miller will receive a special pension contribution of $250,000 and was granted 18,750 restricted share units for her continued service.

Theravance Biopharma reported a net loss of $(4.9) million for the first quarter of 2026, a substantial improvement from the $(13.6) million net loss in the prior year's quarter, driven by increased revenues and reduced R&D expenses. The company also announced an organizational restructuring and the discontinuation of its ampreloxetine program after its Phase 3 clinical study did not meet its primary endpoint. Cash and cash equivalents significantly increased to $288.1 million, with strong net cash provided by operating activities.

Theravance Biopharma reported improved financial results for Q1 2026, with total revenue reaching $17.7 million, a 15% increase year-over-year, and a reduced net loss of $4.9 million. The company's organizational restructuring is on track, leading to a ~20% reduction in Q1 operating expenses and an anticipated 60% overall reduction for $60-$70 million in annualized cash flow from Q3 2026. A Strategic Review Committee is actively evaluating options to maximize shareholder value, including a potential sale of the company.

Theravance Biopharma, Inc. announced its 2026 Annual General Meeting to be held on June 12, 2026, in Dublin, Ireland. The company plans to reduce its board of directors from nine to six members and declassify the board, with all directors serving one-year terms. Shareholders will vote on the election of six nominated directors, the ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026, and a non-binding advisory resolution regarding executive compensation.