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Theravance Biopharma Rises 6% On News Of Share Buyback

Shares of Theravance Biopharma, Inc. (TBPH) are up more than 6% Monday morning after the company announced a $250 million capital return program.

The program includes the following three elements. One, the company has agreed to buy the entire stake of GSK in Theravance, constituting nearly 9.6 million shares, for $9.75 per share.

Two, Theravance plans to commence a Dutch auction tender offer to purchase about $95 million of its ordinary shares in the near term. Further, it plans for a share buyback to the tune of $60 million in the open market, following completion of the tender offer.

Theravance expects the program to be completed by the end of 2023.

TBPH, currently at $10.69, has traded in the range of $6.75-$13.17 in the last 1 year.

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