Theravance Biopharma, Inc. Announces Preliminary Results of Tender Offer

About this update from Theravance Biopharma, Inc.

[{"type":"text","content":"DUBLIN, Nov. 18, 2022 /PRNewswire/ -- Theravance Biopharma, Inc. (\"Theravance Biopharma\" or the \"Company\") (NASDAQ: TBPH) today announced the preliminary results of its Dutch auction tender offer (the \"Offer\") to purchase up to $95 million of its ordinary shares, par value $0.00001 per share (the \"Shares\"), which expired at midnight, New York City time, at the end of the day on November 17, 2022.\n\n \n \n \n \n \n \n\n \nBased on the preliminary count by Computershare Trust Company, N.A., the depositary for the Offer (the \"Depositary\"), a total of 115,967 Shares were properly tendered and not properly withdrawn.\nIn accordance with the terms and conditions of the Offer and based on the preliminary count by the Depositary, the Company expects to purchase approximately 115,967 Shares through the Offer at a price of $10.50 per Share, for an aggregate cost of approximately $1.2 million, excluding fees and expenses relating to the Offer. The total of 115,967 Shares that the Company expects to purchase represents approximately 0.2% of the total number of Shares outstanding as of November 17, 2022. As the Company expects to accept for purchase all the Shares that were properly tendered and not properly withdrawn, the Company expects there to be no proration factor. The Company intends to use the unused portion of the Offer to enlarge the Company's previously announced, planned open market share repurchase plan, which the Company expects to finalize and commence after the closing of the Offer.\nThe number of Shares expected to be purchased by the Company and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the Depositary. The final number of Shares to be purchased by the Company and the final purchase price will be announced following the completion by the Depositary of the confirmation process. Payment for the Shares accepted for purchase under the Offer will occur promptly thereafter.\nTo the extent that the Company purchases shares pursuant to the Company's anticipated open market share repurchase plan, such purchases may be on the same terms as, or on terms that are more or less favorable to shareholders than, the terms of the Offer. \nEvercore Group L.L.C. acted as dealer manager for to act as dealer manager for the Offer. ...

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