Business
Theravance Biopharma, Inc. Announces Appointment of Jeremy Grant to Board of Directors
Enters into Cooperation Agreement with Shareholder Irenic Capital Reaffirms Intention to Return All Excess Capital to Shareholders and MaximizeShareholder
About this update from Theravance Biopharma, Inc.
[{"type":"text","content":"Enters into Cooperation Agreement with Shareholder Irenic Capital\nReaffirms Intention to Return All Excess Capital to Shareholders and MaximizeShareholder Value\nDUBLIN, Dec. 21, 2023 /PRNewswire/ -- Theravance Biopharma, Inc. (\"Theravance\" or the \"Company\") (NASDAQ: TBPH) today announced the appointment to its Board of Directors of Jeremy Grant, who serves as a Special Advisor to Irenic Capital Management LP (\"Irenic\"). With the addition of Mr. Grant, Theravance has appointed four new directors to the Board since 2020.\n\n \n \n \n \n \n \n\n \n\"We are pleased to welcome Jeremy to the Theravance Board as a new independent director,\" said Rick E Winningham, Chairman and CEO of Theravance. \"Jeremy's appointment underscores that Theravance values the perspectives of its investors and that the Board and management team are focused on our shared goal of maximizing value for shareholders. We look forward to benefitting from Jeremy's financial background and perspectives as a seasoned investor.\"\n\"I am excited to join the Theravance Board at this time,\" said Mr. Grant. \"Theravance is operating from a position of strength, and I look forward to working with my fellow directors to deliver value to shareholders.\"\nWith the appointment of Mr. Grant, the Theravance Board will temporarily increase to 10 directors. As previously announced, Dr. Burton Malkiel has informed the Company that he does not intend to stand for re-election at the 2024 Annual General Meeting of Shareholders (the \"2024 AGSM\"), which is scheduled for May 8, 2024. Following the 2024 AGSM, the Board will comprise nine directors, eight of whom are independent.\nIn connection with today's announcement, Theravance has entered into a cooperation agreement (the \"Agreement\") with Irenic. Pursuant to the agreement, Irenic has agreed to customary standstill and voting commitments, among other provisions. The Agreement will be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the \"SEC\").\n\"We appreciate the productive discussions we've had with Irenic and are pleased to have reached this agreement,\" Mr. Winningham continued. \"Since mid-2022, we have returned over $300 million to shareholders, reduced shares outstanding by approximately 35%, eliminated debt, enhanced governance, progressed ampreloxetine into Phase 3 and ...