Zymeworks agreed to acquire Theravance Biopharma in a $929 million deal designed to strengthen the company’s royalty stream and late-stage exposure. The transaction gives Zymeworks partial rights tied to Theravance’s COPD revenue from Yupelri and adds additional payout mechanisms linked to prior co-development programs. The buy also caps Theravance’s strategic reorientation after clinical setbacks, according to the reporting. For investors, it combines commercial cash-flow support with optionality, while repositioning Zymeworks to invest further in oncology programs.