Zymeworks to Acquire Theravance Biopharma, Inc.

Zymeworks announced a definitive agreement to acquire Theravance Biopharma for $17 per share ($929 million) to gain YUPELRI®, a nebulized LAMA for COPD treatment. The acquisition is financed through a $350 million non-recourse note from OMERS Life Sciences and Zymeworks' cash, with the deal expected to be accretive to earnings and cash flow. YUPELRI® generated $266.6 million in U.S. net sales in 2025 with 12% growth, positioning Zymeworks to diversify its revenue streams and fund R&D initiatives.