Zymeworks, a biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics, has entered into a definitive agreement to acquire Theravance Biopharma, a biopharmaceutical company.
This proposed acquisition adds Yupelri to Zymeworks’ partnered portfolio. Yupelri is the first and only nebulised, once-daily, long-acting muscarinic antagonist (LAMA) used for the maintenance treatment of chronic obstructive pulmonary disease (COPD). It has been marketed in the US since 2019 through a collaboration between Viatris and Theravance Biopharma.
Chronic obstructive pulmonary disease (COPD) is a group of lung diseases that cause breathing difficulties that tend to get worse of time. COPD includes emphysema, where the air sacs in the lungs have been damaged, and chronic bronchitis. The main symptoms are shortness of breath, a persistent chesty cough, frequent chest infections and persistent wheezing.
Under the terms of the agreement, Zymeworks will pay Theravance Biopharma approximately $929m. Once the transaction has closed, Zymeworks will retain ownership of Theravance Biopharma’s research and development assets, which will be evaluated in the context of the Company’s broader pipeline and capital allocation framework.
Kenneth Galbraith, Chair and CEO of Zymeworks, said: “The acquisition of Theravance Biopharma represents successful execution of one of the key strategic priorities we outlined earlier this year. We are building a more diversified and durable business by combining partner-driven cash flows and innovative R&D.
“Yupelri addresses a critical need for the approximately 16 million Americans living with COPD, and we look forward to supporting continued access to this important therapy with Viatris.”
Rick Winningham, CEO of Theravance Biopharma, commented: “We are proud of what Theravance Biopharma has accomplished over the past several years, including the successful development and commercialisation of Yupelri, which has become an important treatment option for patients with COPD.”