Kirkland Advises Zymeworks on Acquisition of Theravance
Kirkland & Ellis advised Zymeworks Inc. (Nasdaq: ZYME), a biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics, on a definitive agreement to acquire Theravance Biopharma, Inc. (Nasdaq: TBPH); a biopharmaceutical company focused on delivering Medicines that Make a Difference in people’s lives. This proposed acquisition adds YUPELRI, the first and only nebulized, once-daily, long-acting muscarinic antagonist for the maintenance treatment of chronic obstructive pulmonary disease, to Zymeworks’ partnered portfolio, furthering the company's commitment to improving outcomes for patients with serious diseases. Under the terms of the agreement, Zymeworks will acquire all the outstanding equity of Theravance Biopharma for $17.00 per share, which represents a total transaction value of approximately $929 million in cash consideration subject to customary adjustments, which is payable at closing. The transaction has been unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including receipt of certain regulatory approvals and approval by Theravance Biopharma shareholders. The transaction is expected to close in the second half of 2026.
Read the transaction press release
The Kirkland team included corporate lawyers Rachael Coffey, Dan Li, Graham Robinson, Lara Pillay, Cameron Smith, Scott Kim and Hailey Brenner; debt finance lawyers Darren Littlejohn, Rachael Lichtman, Lillian Xiao and Katie Schneller; technology & IP transactions lawyers Shellie Freedman, Amber Harezlak and Michael Johnston; executive compensation lawyers Timothy Nelson and Annie Gritter; tax lawyers Liam Murphy and Daniel Henry; employee benefits lawyers Justin Coddington and Stew Dunoskovic; employment & labor lawyers Kayla Garcia and Kaitlyn Hodgman; antitrust & competition lawyers Maria Raptis and Daniel Rosenthal; ex-US antitrust lawyers Thomas Sebastian Wilson and Margarita Karkantzou; and capital markets lawyers Ross Leff and Basit Bangash.
