ZYME: Theravance Biopharma Acquisition Positions the Company to Scale Royalty-Platform Strategy

研报英文原文证据摘录

ZYME: Theravance Biopharma Acquisition Positions the Company to Scale Royalty-Platform Strategy

Equity Research

Price Target Change — June 29, 2026

Biotechnology

Zymeworks, Inc.

Theravance Biopharma Acquisition Positions the Company Overweight

to Scale Royalty-Platform Strategy Price Target: $37.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We view today’s announcement as setting the tone for future royalty portfolio build- Price Target $37.00 $34.00 8.8%

out. Further, we think the multi-component structure of this deal looks appropriate for a EPS 2026 1.79 1.12 59.8%

company with internal development capabilities. EPS 2027 1.02 0.35 191.4%

Rev. (MM) 2026 341.0 262.0 30.2%

What happened? Zymeworks announced the acquisition of Theravance Biopharma, which Rev. (MM) 2027 300.0 217.0 38.2%

is currently commercializing Yupelri for the maintenance treatment of pts with COPD, for

~$17/shr + CVR. The CVR is linked to ampreloxetine and includes: (1) pro rata share of Ticker ZYME

80% of net proceeds from any monetization transaction, (2) pro rata share of $50MM on

commercialization and (3) pro rata share of 10% of net sales. Given ampreloxetine's Ph3 Upside/(Downside) to Target 58.7%

miss last year, we don't see this as a high POS event. Price (06/29/2026) $23.32

52 Week Range $11.51 - 29.75

Yupelri is the key asset incorporated into Zyme's portfolio. Yupelri is approved in Market Cap (MM) $1,742

the US, with the potl to treat ~1.9MM pts, including 200k pts on current long-acting Enterprise Value (MM) $1,688

nebulized therapy. The deal includes a 35%/65% US net profit share with Viatris, which is Average Daily Value (MM) $15

meaningful given US revs in 2025 were ~$260MM. Theravance Biopharma led hospital Dividend Yield 0.0%