Prime Highlights
- Zymeworks is stepping outside oncology for the first time, betting on a proven COPD drug to drive near-term revenue.
- Yupelri’s US net sales grew 12% in 2025, reaching $266.6 million, signalling steady commercial momentum ahead of the acquisition.
Key Facts
- Zymeworks is a clinical-stage biopharmaceutical company focused on oncology that is now expanding into respiratory disease through this acquisition.
- Yupelri is an FDA-approved once-daily nebulized bronchodilator currently marketed in the US through a partnership with Viatris.
Background
Zymeworks has agreed to buy Theravance Biopharma for $929 million in cash, marking the oncology-focused drugmaker’s push into the respiratory disease segment.
Under the deal, Zymeworks will purchase all outstanding Theravance shares at $17 each, representing a discount of roughly 3.6% to the stock’s last closing price. Theravance shares fell 3.5% following the announcement, while Zymeworks dropped more than 8%.
The acquisition hands Zymeworks ownership of Yupelri, an FDA-approved once-daily nebulized treatment for chronic obstructive pulmonary disease. The drug competes in a segment dominated by major players including GSK, AstraZeneca, and Boehringer Ingelheim. Theravance holds a 35% net profit share in Yupelri’s US sales, which are marketed through a collaboration with Viatris.
Yupelri posted US net sales of $266.6 million in 2025, a 12% increase from the prior year. In the first quarter of 2026, sales climbed a further 7% to $62.4 million.
Theravance had been exploring strategic options, including a potential sale, after its experimental drug ampreloxetine failed a late-stage trial earlier this year. Zymeworks said it would look at monetising acquired assets, including ampreloxetine, with any proceeds split 80% to Theravance shareholders and 20% to Zymeworks.
The company expects the deal to generate near-term cash flow once closed, with completion anticipated in the second half of 2026.
COPD is a progressive lung condition that obstructs airflow and makes breathing difficult.
