M&A · Healthcare · Pharmaceutical Preparations
Zymeworks Inc. to acquire Theravance Biopharma, Inc.
Announced Jun 29, 2026 · Closed Sep 23, 2026
Deal value$929MEV $641M
Premium22.0%To unaffected price
EV / Adj. EBITDA—5.8x EV / Revenue
ConsiderationAll cash$17.00 per share
Transaction
- Acquirer
- Zymeworks Inc. (ZYME)
- Target
- Theravance Biopharma, Inc. (TBPH)
- Buyer type
- Strategic
- Offer price per share
- $17.00
- Enterprise value
- $641M
- Status
- Closed Sep 23, 2026
Deal protections
- Break fee (target pays)
- $32.5M · 3.5%
- Reverse fee (buyer pays)
- $32.5M · 3.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- TD Cowen
- To the target
- Lazard, Evercore
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 22.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedJun 29, 2026
- Proxy filedAug 11, 2026
- Definitive proxyAug 21, 2026
- Shareholder voteSep 18, 2026
- ClosedSep 23, 2026