ZYME - Quick Take: TBPH Acquisition Diversifies Topline Contribution, Exemplifies ZYME's Ability to Execute Strategic Transactions

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ZYME - Quick Take: TBPH Acquisition Diversifies Topline Contribution, Exemplifies ZYME's Ability to Execute Strategic Transactions

Truist Securities

Equity Research Report June 29, 2026

HEALTHCARE: Biotech Zymeworks Inc. (ZYME)

ZYME - Quick Take: TBPH Acquisition Diversifies Topline Gregory Renza, M.D.

212-419-4617 Contribution, Exemplifies ZYME's Ability to Execute Strategic

Gregory.Renza@truist.com Transactions

Anish Nikhanj, Ph.D.

212-326-3106 This morning, ZYME announced it has entered into a definitive agreement to acquire

Anish.Nikhanj@truist.com Theravance Biopharma (TBPH, NR) for $17/sh, or ~$929M in total consideration, in a deal

expected to close in 2H26; we participated in mgmt's acquisition call for additional color. The

Supawat Thongthip, Ph.D. acquisition adds Yupelri, the first and only nebulized, QD, long-acting muscarinic antagonist

212-401-4429 (LAMA) approved for the maintenance treatment of COPD, to ZYME's partnered portfolio,

Supawat.Thongthip@truist.com with a 35% U.S. net profit share. To us, the move marks the introduction of a cash-generative

commercial asset, direct to the platform; from the call, mgmt anticipates a mid-teens IRR

off this transaction. Of note, Yupelri has been marketed in the U.S. since 2019 through a

Current Price (Jun. 26, $24.15 Viatris (VTRS, NR)/TBPH collaboration (community and hospital promotion, respectively), 2026) and generated FY25 U.S. net sales of $266.6M (+12% YoY), with 1Q26 net sales of $62.4M

(+7% YoY); we note settlements reached with all gx filers for an April 2039 licensed launch

Stock Rating BUY (or earlier under certain circumstances) underpinning a long-duration revenue tail (noting

Unchanged COM patent in 2028, polymorphs to 2030-2031, and methods patents for maintenance to

Price Target $28.00 2039).