Irenic Welcomes the Appointment of a Shareholder Representative to Theravance Biopharma’s Board of Directors

Rhea-AI Summary

Irenic Capital Management, a significant shareholder of Theravance Biopharma (NASDAQ: TBPH), expressed support for the recent appointment of Jim Kelly to the Board of Directors. Irenic believes Kelly will provide a key shareholder perspective that is essential for the boardroom. The firm commended Theravance for its efforts to enhance capital allocation, including expanding the capital return program and a proposal to declassify the Board. Irenic urged the Board to take further steps, such as reviewing strategic alternatives, accelerating the capital return program, and ensuring directors are elected on a one-year term. The emphasis remains on improving governance and value creation for shareholders.

Positive

• Appointment of Jim Kelly adds shareholder perspective to the Board.
• Increased capital return program suggests improved capital allocation.
• Proposals for Board declassification indicate enhanced corporate governance.

Negative

• None.

Believes Jim Kelly of Weiss Asset Management Will Bring Important Ownership Mentality to the Boardroom

Encourages the Board to Continue Taking Concrete Steps to Improve Capital Allocation, Enhance Corporate Governance and Review Strategic Alternatives

NEW YORK--(BUSINESS WIRE)-- Irenic Capital Management, LP (together with its affiliates, “Irenic” or “we”), a top shareholder of Theravance Biopharma, Inc. (NASDAQ: TBPH) (“Theravance” or the “Company”), today issued the following statement regarding the Company’s appointment of Jim Kelly, Managing Director at Weiss Asset Management, to the Board of Directors (the “Board”):

“Irenic welcomes the appointment of Jim Kelly to the Theravance Board. We respect and admire Jim’s investment acumen and thoughtfulness, and believe he brings a much-needed shareholder perspective to the boardroom. We are pleased the Theravance Board added him. The recent steps to increase the extent of the Company’s capital return program, modestly refresh the Board and submit a proposal to declassify the Board are steps in the direction of improved capital allocation and good governance.

We encourage the Board to: (1) Immediately announce a review of strategic alternatives; (2) accelerate the pace of the capital return program; and (3) make real the commitment to declassification by proposing to declassify immediately and by putting the directors up for election this year on a one-year term. Theravance has made progress. This is to be commended. We hope the Board finishes the job.”

About Irenic

Irenic Capital Management, LP is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.

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For Investors:

Irenic Capital Management

contact@irenicmgmt.com



For Media:

Longacre Square Partners

Greg Marose / Charlotte Kiaie, 646-386-0091

irenic@longacresquare.com

Source: Irenic Capital Management, LP

FAQ

What is the significance of Jim Kelly's appointment to Theravance's Board?

Jim Kelly's appointment is seen as a positive step by Irenic Capital Management, as it brings a much-needed shareholder perspective to the Board of Directors.

What are Irenic's recommendations for Theravance after Jim Kelly's appointment?

Irenic recommends that Theravance review strategic alternatives, accelerate its capital return program, and proceed with Board declassification.

How has Theravance's capital return program changed recently?

Theravance has increased the extent of its capital return program, which Irenic views as a positive move toward better capital allocation.

What does the proposal to declassify the Board entail?

The proposal to declassify the Board involves ensuring that Directors are elected on a one-year term rather than staggered terms, promoting accountability.