- Theravance Biopharma Inc (NASDAQ:TBPH) is buying back over 9.6 million shares from GSK plc (NYSE:GSK) for roughly $94 million, according to an SEC filing.
- In addition, Theravance plans to buy back $95 million from its existing investors “in the near term” and another $60 million in its shares on the open market.
- In a press release, Theravance says it hopes to complete that part of its plan by the end of 2023.
- Related content: Theravance Biopharma’s Ampreloxetine Shows Benefit In Atrophy Patients, But Not In Parkinson’s.
- The move is the latest in a back-and-forth between GSK, Theravance, and Theravance’s spinoff Innoviva, Inc. (NASDAQ:INVA).
- In May 2021, GSK offloaded its stake in Innoviva with 32 million shares at $12.25 per share, raising gross proceeds of approximately $392 million.
- In July, Theravance and Innoviva sold their royalty rights to GSK’s Trelegy to Royalty Pharma (NASDAQ:RPRX) for an upfront $1.3 billion.
- Price Action: TBPH shares are up 2.48% at $10.32 on the last check Monday.
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