Theravance To Buy Back $250 Mln Of Shares

Theravance Biopharma, Inc. (TBPH), a company focused on serious lung diseases, said on Monday that it has started a $250 million capital return program.

With this move, Theravance has inked a deal to buy back its 9.6 million shares from GSK Plc (GSK), for $9.75 per share.

The share purchase is expected to be closed on September 20.

The drug maker said that it aims to start a Dutch auction tender offer to buy around $95 million of its shares in the near term.

Subsequent to the close of the tender offer, Theravance also intends to repurchase around $60 million of its shares by 2023.

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