~$929MreportedStrategic acquisitionHealthcare & Life SciencesCompleted
Zymeworks closes Theravance Biopharma buy, adds YUPELRI cash flow
Zymeworks has completed its acquisition of Theravance Biopharma and issued final transaction details with updated 2026 guidance. The deal brings YUPELRI (revefenacin) into the portfolio, entitling Zymeworks to 35% of net U.S. profits plus ex-U.S. royalties via Theravance's Viatris collaboration. YUPELRI sales of $133.1 million in the first half of 2026 generated $38.4 million of collaboration revenue.
Why it matters: Zymeworks is buying durable commercial cash flow, plus Irish tax attributes, to bankroll an R&D pipeline without leaning on dilutive equity raises.
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