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Theravance Biopharma To Cut 75% Jobs, Board Size; To Focus On Respiratory Disease Portfolio

Theravance Biopharma, Inc. (TBPH), a company primarily focused on the discovery, development, and commercialization of organ-selective medicines, Wednesday announced strategic actions to focus on respiratory disease portfolio, with significant cost reduction program, including around 75 percent of job cuts.

The decision comes along with the announcement that its Phase 3 study of ampreloxetine for the treatment of symptomatic neurogenic orthostatic hypotension or nOH did not meet the primary endpoint.

In pre-market activity on Nasdaq, Theravance Biopharma shares were losing around 38 percent to trade at $5.

In a statement, the company said it plans to focus on developing and commercializing respiratory therapeutics, and will immediately initiate a significant cost reduction program.

The company's headcount will be reduced by approximately 75%, an estimated 270 positions. Around 75% of the planned reduction is expected to be completed in November 2021 and the remainder to be completed in February 2022.

Total annualized operating expense savings are expected to be approximately $165 million in 2022.

By implementing these strategic actions, Theravance expects to become sustainably cash flow positive beginning in the second half of 2022.

In addition, the company intends to significantly narrow its R&D focus on its core respiratory assets.

In order to implement this plan, the company will halt the development of all non-respiratory disease related programs except that it will close-out the izencitinib Phase 2 Crohn's disease Study 0157 (NCT03758443) and the ampreloxetine Phase 3 REDWOOD Study 0170 (NCT03829657).

The company has also decided to reduce the size of its Board, and is announcing the resignations from the Board of two long-term directors: George Whitesides, and Robert Gunderson, Jr., effective September 14, and September 11, respectively.

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