Zymeworks agreed to acquire Theravance Biopharma in a $929 million upfront transaction, pulling in commercial cash flow and late-stage momentum centered on Yupelri (revefenacin). The deal adds an FDA-approved nebulized long-acting muscarinic antagonist for COPD maintenance, positioned as immediate revenue support for Zymeworks’ strategy. Financing is structured to limit Zymeworks’ net capital at risk, using a $350 million non-recourse note from OMERS Life Sciences secured by US Yupelri profit share, alongside Theravance’s expected net cash balance at closing and Zymeworks’ $219 million cash contribution. Zymeworks expects Theravance to receive $100 million in commercial milestones tied to Trelegy Ellipta net sales, with additional potential commercial milestones tied to outcomes. Zymeworks frames the transaction as a disciplined way to diversify its revenue base and strengthen its balance sheet to fund next-generation oncology programs. Theravance, meanwhile, is exiting, and the acquisition also follows Theravance’s decision to shut down operations noted earlier this year. The immediate industry takeaway is that Zymeworks is buying scale in the clinic and near-term commercial infrastructure at the same time—using structured financing to reduce risk—while redirecting resources toward oncology pipeline acceleration.