Zymeworks NASDAQ:ZYME said on Monday it will buy Theravance Biopharma NASDAQ:TBPH in a $929 million all-cash deal, giving the drugmaker access to an approved treatment for a chronic lung condition.
Theravance's drug Yupelri is approved in the U.S. as a once-daily nebulized maintenance treatment for chronic obstructive pulmonary disease.
Under the agreement, Zymeworks will buy all outstanding Theravance shares for $17 each, implying an about 3.6% discount to the stock's last close on Friday.
The acquisition is expected to provide near-term cash flow following the deal's close, Zymeworks said.
The deal is expected to close in the second half of 2026.