On June 29, 2026, Vancouver-based Zymeworks Inc. announced a definitive agreement to acquire Theravance Biopharma, Inc., a biopharmaceutical company headquartered in Dublin with operations in San Francisco, in an all-cash transaction valued at approximately US$929 million. Zymeworks will acquire all outstanding equity for US$17.00 per share, plus a contingent value right entitling Theravance shareholders to 80 percent of net proceeds from any future license, divestiture, or monetization of the investigational drug ampreloxetine over the next 10 years, with the remaining 20 percent retained by Zymeworks. The purchase price represents a premium of 22 percent to Theravance Biopharma's closing price on March 3, 2026, the day it reported disappointing Phase 3 results for ampreloxetine. The acquisition adds Yupelri (revefenacin), an FDA-approved nebulized therapy for chronic obstructive pulmonary disease marketed in the United States through a partnership with Viatris Inc., to Zymeworks' portfolio, diversifying revenue beyond oncology. Theravance receives a 35 percent share of Yupelri's US net profits, which generated approximately US$266.6 million in US net sales in 2025. The transaction is financed primarily through a US$350 million non-recourse note from OMERS Life Sciences, the life sciences arm of the Ontario Municipal Employees Retirement System, secured solely by the Yupelri US profit share, together with Zymeworks' cash and Theravance's expected net cash at closing. Both boards approved the deal unanimously. Closing is expected in the second half of 2026, subject to Theravance shareholder and regulatory approvals.