Theravance Biopharma 10% Owner Weiss Asset Management Sells Shares

What Happened

• Weiss Asset Management LP (reported as a 10% owner) disposed of 7,457,060 ordinary shares of Theravance Biopharma on Sept 23, 2026. The shares were converted under the merger agreement into $17.00 per share in cash, resulting in cash proceeds of $126,770,020, and the reporting funds also received one contingent value right (CVR) per share (a non-tradeable right to future cash payments tied to commercial milestones).

Key Details

• Transaction date: 2026-09-23 (Effective time of the merger)
• Transaction type/code: Disposition via corporate action (Form 4 code J — "Other acquisition or disposition")
• Price and value: $17.00 per share; total cash consideration $126,770,020
• Shares reported: 7,457,060 ordinary shares converted at closing
• Shares owned after transaction: Ordinary shares were cancelled and converted into cash and CVRs under the merger agreement (reporting person no longer holds the cancelled ordinary shares)
• Footnotes: F1 describes the June 28, 2026 Merger Agreement converting shares to $17.00 cash + one CVR each; F2 notes the reporting is for two private funds managed by Weiss Asset Management LP and includes customary disclaimers of beneficial ownership; F3 clarifies the cash portion paid on closing
• No purchase or open-market sale by an individual insider — this was part of a corporate merger consideration, not a discretionary trade

Context

• This transaction reflects a corporate merger (Theravance became a wholly owned subsidiary of Zymeworks) where shares were cancelled and converted into cash plus contingent value rights. As a 10% owner and investment manager, Weiss Asset Management’s filing documents the institutional disposition resulting from the merger rather than an executive/insider-driven market sale. The CVRs are contractual, non-tradable contingent rights that may provide additional cash if milestones are met.