Zymeworks falls after $929 million Theravance buyout deal
BUZZ-Zymeworks falls after $929 million Theravance buyout deal June 29 - ** Shares of drugmaker Zymeworks ZYME.O fall 4.3% to $23.12 at market open
** Zymeworks will buy biopharmaceutical company Theravance Biopharma TBPH.O in a $929 million deal
** Deal expected to close in the second half of 2026, and has been approved by the boards of both cos
** Co will buy all outstanding Theravance shares for $17 each, providing around a 3.6% discount to the latter's last close on Friday
**Acquisition gives Zymeworks access to Theravance's FDA-approved drug Yupelri, a nebulized treatment for chronic obstructive pulmonary disease (COPD)
**Theravance's market cap was $908.88 mln as of last close - LSEG data
**Shares of Zymeworks were down 12.4% YTD, including session's moves
(Reporting by Arunesh Sinha in Bengaluru)
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