Appleby Advises Zymeworks on Its USD929 Million Acquisition of Theravance Biopharma
Appleby acted as Cayman Islands legal counsel to 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.
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 is expected to close in the second half of 2026.
Appleby advised on all Cayman Islands legal aspects of the transaction. The Appleby team was led by corporate Partner Dean Bennett, supported by Counsel Vance Power and Associate Jared Awe.
This deal further highlights Appleby’s strength in complex cross‑border M&A and public company transactions and the market‑leading capabilities of its Band 1‑ranked Corporate team.
