Business
Theravance Biopharma, Inc. Initiates $250 Million Capital Return Program
The Company has agreed to purchase GSK's entire holdings at $9.75 per share The Company plans to launch a Dutch auction tender offer in the near term to
About this update from Theravance Biopharma, Inc.
[{"type":"text","content":"The Company has agreed to purchase GSK's entire holdings at $9.75 per share The Company plans to launch a Dutch auction tender offer in the near term to purchase approximately $95 million of its ordinary sharesThe Company plans to enter into an Open Market Share Repurchase Plan subsequent to the tender offer utilizing the additional approximately $60 millionDUBLIN, Sept. 19, 2022 /PRNewswire/ -- Theravance Biopharma, Inc. (\"Theravance Biopharma\" or the \"Company\") (NASDAQ: TBPH) announced today that its Board of Directors has authorized a $250 million capital return program consisting of the following three elements:\n\n \n \n \n \n \n \n\n \nTheravance Biopharma has executed a definitive agreement with GSK to purchase all of GSK's equity stake in Theravance Biopharma, constituting approximately 9.6 million shares at $9.75 per share, with a closing date of September 20, 2022.The Company intends to commence a Dutch auction tender offer to purchase approximately $95 million of its ordinary shares in the near term.The Company plans to enter into an Open Market Stock Repurchase Plan to facilitate the repurchase of approximately $60 million of its ordinary shares in open market purchases subsequent to the completion of the tender offer, with a goal to complete this program by the end of 2023.Certain Information Regarding the Tender Offer\nThe tender offer for the Company's ordinary shares described above has not yet commenced. This document is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell shares or any other securities. At the time the tender offer is commenced, the Company will file with the SEC a Tender Offer Statement on Schedule TO. The solicitation and the offer to purchase the shares will only be made pursuant to the offer to purchase, a related letter of transmittal, and related documents filed with such Schedule TO. COMPANY SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), AS IT MAY BE AMENDED FROM TIME TO TIME, WHEN SUCH DOCUMENTS BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. Company shareholders and other inves...