Theravance Biopharma, Inc. (TBPH)

Theravance Biopharma, Inc. was a biopharmaceutical company that discovered, developed and commercialized medicines, with an emphasis on respiratory disease and neurology. It was formed in 2013 as a Cayman Islands company and became an independent public company in June 2014, when it was spun off from the original Theravance, Inc., now known as Innoviva. Its operations were centered in South San Francisco, California.

The company's best-known product was Yupelri (revefenacin), a once-daily nebulized long-acting muscarinic antagonist for chronic obstructive pulmonary disease, commercialized in partnership with Viatris. Theravance also held economic interests tied to the Trelegy Ellipta respiratory medicine developed with GSK, and its royalty and partnership income helped fund its research programs.

Its pipeline included ampreloxetine, an investigational norepinephrine reuptake inhibitor for symptomatic neurogenic orthostatic hypotension, and earlier programs in gut-selective and lung-selective JAK inhibition. Over the years the company entered license and collaboration agreements with firms including Pfizer, Janssen, Takeda and Alfasigma, and it restructured its business to focus on Yupelri and ampreloxetine.

Rick Winningham served as Chief Executive Officer for much of the company's history. The shares traded on the Nasdaq Global Select Market under the symbol TBPH. Strategic changes during the 2020s included sales of royalty interests and efforts to return capital to shareholders while the late-stage ampreloxetine program advanced.

In late June 2026, Theravance announced a definitive agreement to be acquired by Zymeworks Inc., in a transaction valued at approximately $929 million. Shareholders were to receive $17.00 in cash per share plus one non-tradeable contingent value right. The CVR entitles holders to a pro rata share of a $50 million cash payment if ampreloxetine achieves a first commercial sale in the United States or specified European countries within the CVR period, and a 10% royalty on net sales.

Zymeworks completed the acquisition on September 23, 2026, and Theravance became a wholly owned subsidiary. Nasdaq suspended trading in the shares on that day, and a Form 25 was filed to remove the shares from listing. Theravance's prior directors, including Mr. Winningham, resigned at closing, and the company moved to terminate its SEC reporting obligations.