Vancouver biotech Zymeworks closes US$929M Theravance acquisition
The acquisition, completed Sept. 23, expands Zymeworks' portfolio beyond cancer drugs to include treatments for cardiac and respiratory conditions.
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Zymeworks Inc., the Vancouver biotech firm, completed its acquisition of Theravance Biopharma on September 23, paying approximately US$929 million in equity value. Theravance shareholders received US$17 in cash per share, with additional payments tied to future licensing of ampreloxetine, an experimental drug Theravance developed for neurogenic orthostatic hypotension—a condition causing significant blood pressure drops when a person stands.
Theravance had restructured significantly after ampreloxetine failed a clinical trial in March 2026. The acquisition adds commercial, royalty and drug-development assets to Zymeworks' cancer-focused portfolio, including Yupelri, a marketed drug for chronic obstructive pulmonary disease.
Zymeworks' CEO Kenneth Galbraith told Business in Vancouver in December 2025 that he wanted to diversify the company's drug portfolio. The acquisition also transferred approximately US$2.5 billion in accumulated Irish tax attributes to Zymeworks, which could reduce future tax bills depending on applicable tax rules and the company's ability to use them.
Zymeworks' main cancer drug, Ziihera, treats certain patients with HER2-positive cancers, including metastatic gastroesophageal adenocarcinoma affecting the esophagus, stomach and junction between them. The FDA expanded its approval in August 2026 for first-line treatment in combination with chemotherapy for certain cancer patients.
Zymeworks stock closed Thursday at US$26.81, down 2.51%. Theravance shares were delisted from Nasdaq.
The facts
When did Zymeworks complete its acquisition of Theravance?
Zymeworks completed the acquisition on September 23, 2026.
How much did Zymeworks pay for Theravance?
Zymeworks paid approximately US$929 million in equity value, with Theravance shareholders receiving US$17 in cash per share plus additional payments tied to future licensing of ampreloxetine.
What drugs does Theravance bring to Zymeworks?
Theravance brings Yupelri, a marketed drug for chronic obstructive pulmonary disease, and ampreloxetine, an experimental drug for neurogenic orthostatic hypotension, along with other commercial and drug-development assets.
What are Zymeworks' main cancer drugs?
Zymeworks' main cancer drug is Ziihera, which treats certain patients with HER2-positive cancers including metastatic gastroesophageal adenocarcinoma. The FDA expanded its approval in August 2026 for first-line treatment in combination with chemotherapy.
