Zymeworks will acquire Theravance Biopharma for about $929 million upfront, adding commercial COPD exposure via Yupelri (revefenacin) and expanding late-stage and royalty-linked optionality. The deal follows Theravance’s strategic review and a Phase 3 setback for ampreloxetine. The transaction includes a $17 per-share purchase price, with non-recourse financing planned using expected Yupelri profit share and Theravance’s net cash at closing. Zymeworks said the structure is designed to minimize its net capital at risk. For investors, the key near-term lever is Yupelri’s cash generation alongside milestone potential tied to Trelegy commercialization economics, which Zymeworks argues diversifies and strengthens its balance sheet.