Zymeworks Inc. · NASDAQ:ZYME
Zymeworks — Merger or Acquisition (June 2026)
17 slides from Zymeworks's merger presentation, Jun 29, 2026
Slide 1: Agreement to Acquire Theravance Biopharma
Nasdaq: ZYME | zymeworks.com Agreement to Acquire Theravance Biopharma June 29, 2026 Transaction delivers high-visibility, long-duration recurring cash flows Exhibit 99.2
Slide 2: Forward-looking statements
This presentation includes “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this
Slide 3: Transaction Overview & Strategic Rationale
Transaction Overview & Strategic Rationale Ken Galbraith Chair & Chief Executive Officer
Slide 4: Expanding Zymeworks' diversified cash flow through the acquisition of Theravance Biopharma
Expanding Zymeworks’ diversified cash flow through the acquisition of Theravance Biopharma Only approved commercial nebulized LAMA medicine Anticipated long-duration partner-driven cash-flows Partnership with OMERS Life Sciences for non-recourse $350M financing at an attractive rate $2.5B in Irish t
Slide 5: Zymeworks is uniquely positioned to capture the full value of this multi-component opportunity
Zymeworks is uniquely positioned to capture the full value of this multi-component opportunity Irish Tax Attributes CASH FLOWS R&D TAX Preclinical I&I portfolio YUPELRI® (revenfenacin) life cycle management opportunities Exploring optionality to externalize ampreloxetine for additional monetary valu
Slide 6: Creating a more diversified portfolio of commercial, royalty and development-stage assets
Creating a more diversified portfolio of commercial, royalty and development-stage assets Zymeworks Partnered Portfolio ZW191 ZW251 ZW209 ZW220 ZW1528 ZW327 ZW427 ZW418 ZW439 DiscoveryPreclinicalPhase 1 R&D Portfolio Royalty TOPO 1i ADC MSAT AIID Pan-RAS ADC
Slide 7: Commercial Fundamentals & Investment Case
Commercial Fundamentals & Investment Case Scott Platshon EVP & Chief Business Officer
Slide 8: Nebulized maintenance therapy is a critical treatment option for the treatment of COPD
Nebulized maintenance therapy is a critical treatment option for the treatment of COPD B (LABA + LAMA) A (a bronchodilator) E (LABA + LAMA) Higher Exacerbation Risk More Symptoms Chronic Obstructive Pulmonary Disease (COPD) is a progressive lung disease and the 6th leading cause of death in the U.S.
Slide 9: Theravance Biopharma is responsible for hospital promotion, while Viatris calls on community caregivers
Theravance Biopharma is responsible for hospital promotion, while Viatris calls on community caregivers COPD patient experiencing symptoms or exacerbation is eligible for YUPELRI® Calls on hospital* Calls on community caregiver Fulfillment (Pharmacy, DME) Patients continue on YUPELRI® therapy as out
Slide 10: YUPELRI: Anticipated long-duration and potentially growing cash flow stream
YUPELRI®: Anticipated long-duration and potentially growing cash flow stream $266.6M 2025 U.S. net sales +12% YoY growth in 2025 35% ZYME profit share YUPELRI® Overview Only marketed nebulized LAMA in the U.S. Differentiated product offering with no direct competitor for COPD patients who want or ne
Slide 11: Potential upside from other Theravance Biopharma portfolio assets
Potential upside from other Theravance Biopharma portfolio assets TRELEGY ELLIPTA®: GSK holds worldwide manufacturing and commercialization rights; following Theravance Biopharma’s 2022 royalty monetization to Royalty Pharma, Zymeworks will be eligible for up to $100M in milestone payments in the ev
Slide 12: Potential upside from other portfolio assets
Potential upside from other portfolio assets Gain ownership of immunology and inflammation R&D assets $2.5B in Irish Tax attributes Zymeworks will retain ownership of Theravance Biopharma’s research and development assets, which will be evaluated in the context of its broader pipeline and capital al
Slide 13: Capital-Efficiency & Financing Structure
Capital-Efficiency & Financing Structure Kristin Stafford EVP & Chief Financial Officer
Slide 14: Non-recourse note serviced by YUPELRI cash flows
Non-recourse note serviced by YUPELRI® cash flows No equity issued. No shareholder dilution. Cash flows from Theravance Biopharma’s rights to 35% YUPELRI profit share secure and repay the acquisition financing. Principal: $350M Structure: Non-recourse financing1 Collateral: Assets related to YUPELRI
Slide 15: Theravance Biopharma cash at closing and non-recourse financing limits Zymeworks capital at risk
Theravance Biopharma cash at closing and non-recourse financing limits Zymeworks capital at risk Zymeworks Balance Sheet* Non-Recourse Royalty Financing Theravance Biopharma Cash* Purchase Price* * Figures represent approximate values at time of closing, net of transaction costs. This information is
Slide 16: Executing on a model that combines R&D and acquisitions to compound value for shareholders
Executing on a model that combines R&D and acquisitions to compound value for shareholders 1 Immediate revenue YUPELRI® profit share at close provides additional recurring, non-dilutive, self-financing 2 Strategic validation First execution of our novel strategy to add passive cash flows with discip
Slide 17: Q&A
Q&A Q&A Ken Galbraith Chair & Chief Executive Officer Kristin Stafford EVP & Chief Financial Officer Scott Platshon EVP & Chief Business Officer