Zymeworks to Acquire Theravance, Add COPD Treatment to Portfolio

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Zymeworks is acquiring Theravance Biopharma, a deal that includes Theravance’s Yupelri for treatment of chronic obstructive pulmonary disease (COPD). Financially, Zymeworks is paying $17.00 per share, amounting to approximately $929 million in cash consideration, subject to adjustments, at closing.

Novel Treatment for COPD

Yupelri is the United States’ first and only nebulized, once-daily, long-acting muscarinic antagonist (LAMA) for maintenance treatment of COPD. With Zymeworks developing a pipeline of novel, multifunctional biotherapeutics, the Yupelri acquisition adds a new property to Zymeworks’ partnered portfolio.

In the near term, Zymeworks expects Yupelri to add commercial cash flows, alongside the existing Ziihera (zanidatamab-hrii). The drug’s U.S. availability dates to 2019, via a collaboration between Theravance and Viatris.

Zymeworks Chair and CEO Kenneth Galbraith said the Theravance acquisition represents a key strategic priority identified earlier in 2026.

Additionally, he said having Yupelri in Zymeworks’ portfolio fills a critical need.

“We are building a more diversified and durable business by combining partner-driven cash flows and innovative R&D,” Galbraith said. “[This joins] together in an integrated strategic approach to build long-term stockholder value … This transaction also aligns with our mission to combine near-term patient access with long-term innovation.”

How Zymeworks Will Continue Theravance Work

Prior to the acquisition announcement, Theravance was organizationally restructuring to concentrate its commercial focus on Yupelri. Zymeworks said it would continue and complete that path, which is expected to reduce R&D expenses and other costs.

Adding to Yupelri, Theravance was expected to receive $100 million in commercial milestone payments in the first quarter of 2027. These payments will come from Royalty Pharma for global net sales of Trelegy Ellipta by GSK.