Theravance Outlines $250M Capital Return Program; To Repurchase GSK's Entire Holdings

Theravance Biopharma Inc TBPH is buying back over 9.6 million shares from GSK plc 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.
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The move is the latest in a back-and-forth between GSK, Theravance, and Theravance's spinoff Innoviva, Inc. 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 RPRX for an upfront $1.3 billion.
Price Action: TBPH shares are up 2.48% at $10.32 on the last check Monday.