Zymeworks Closes Theravance Biopharma Acquisition, Guides 2026 Revenue to $278M-$292M

GlobeNewswire··USIE·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Zymeworks Inc. announced final transaction details and updated 2026 financial guidance following completion of its acquisition of Theravance Biopharma. The deal adds YUPELRI (revefenacin) to Zymeworks' portfolio, giving it a 35% share of net U.S. profits and ex-U.S. royalties through Theravance's collaboration with Viatris; in the first half of 2026, total YUPELRI sales of $133.1 million generated $38.4 million in collaboration revenue for Theravance Biopharma. Zymeworks expects 2026 total revenue of between $278 million and $292 million and 2026 Adjusted EBITDA of between $114 million and $128 million, and it projects a mid-teens base-case IRR supported primarily by YUPELRI growth and a smaller contribution from VIBATIV, with no value assigned to $2.5 billion of Irish tax attributes or to a potential $100 million TRELEGY ELLIPTA milestone payment expected in the first quarter of 2027. Theravance Biopharma shareholders received $17.00 in cash per share at closing, financed by a $350 million non-dilutive, non-recourse note from OMERS, under which 75% of YUPELRI profit-share cash flows are contractually assigned to OMERS, plus approximately $217.5 million of Zymeworks' existing cash. Zymeworks also said it will retain the current commercial organization supporting YUPELRI hospital promotion, named Stuart Knight as Executive Vice President and Chief Information Officer and Jesse Fecker as Vice President, Intellectual Property, and reported that it has used approximately $49.3 million of its $125.0 million 2026 share repurchase authorization to buy 1,971,454 shares at an average price of $25.04.

Impact on assets 4

Biotech & Genomic Medicine▲ · 3 stocks
Theravance Biopharma Inc
TBPH
▲ PositiveCapitalrelevance

Theravance shareholders received $17.00 cash per share at closing of the Zymeworks acquisition.

Zymeworks Inc. Common Stock
ZYME
▲ PositiveCapitalrelevance

Zymeworks closed the Theravance acquisition, guided 2026 revenue to $278M-$292M and EBITDA to $114M-$128M, and has repurchased ~$49.3M of shares.

Viatris Inc
VTRS
± MixedDemandrelevance

Viatris is Theravance's YUPELRI collaboration partner with ex-U.S. royalties, but the article gives no new Viatris-specific development.

Aging Population▲ · 1 stocks

Off-coverage companies 1

OMERSPrivate± Mixed
Capitalrelevance

OMERS provided the $350M non-recourse note financing the deal, receiving 75% of YUPELRI profit-share cash flows.

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