Theravance Biopharma, Inc. Announces Pricing of Public Offering of Ordinary Shares

Rhea-AI Summary

Theravance Biopharma (NASDAQ: TBPH) has announced the pricing of its public offering of 6.7 million ordinary shares at $15.00 per share, aiming to raise approximately $100.5 million. The offering is set to close on June 29, 2021, subject to customary closing conditions. Additionally, underwriters have a 30-day option to purchase up to 1,005,000 additional shares. The offering is led by SVB Leerink and Evercore ISI. Theravance Biopharma has filed the necessary registration with the SEC and will publish a final prospectus supplement shortly.

Positive

• Gross proceeds expected to be approximately $100.5 million which can be used for business development and operational needs.
• Underwriters have the option to purchase an additional 1,005,000 shares, potentially increasing proceeds.

Negative

• Potential dilution of existing shareholders due to the issuance of new shares.

DUBLIN, June 24, 2021 /PRNewswire/ -- Theravance Biopharma, Inc. (NASDAQ: TBPH) ("Theravance Biopharma"), a diversified biopharmaceutical company primarily focused on the discovery, development and commercialization of organ-selective medicines, announced today the pricing of its underwritten public offering of 6,700,000 ordinary shares at a price to the public of $15.00 per share. The gross proceeds to Theravance Biopharma from the offering are expected to be $100.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. In addition, Theravance Biopharma has granted the underwriters a 30-day option to purchase up to an additional 1,005,000 ordinary shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on June 29, 2021, subject to customary closing conditions. 

SVB Leerink and Evercore ISI acted as joint lead bookrunners. Credit Suisse also acted as a bookrunner for the offering. H.C. Wainwright & Co. acted as lead-manager for the offering.

A shelf registration statement (including a base prospectus) relating to the shares was filed with the SEC and is effective. A preliminary prospectus supplement related to the offering has been filed with the SEC and a final prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the final  prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at 1-800-808-7525 ext. 6105, or by email at syndicate@svbleerink.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, or by telephone at (888) 474 0200, or by email at ecm.prospectus@evercore.com; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Raleigh, NC 27560, or by telephone at 1-800-221-1037, or by e-mail at usa.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This announcement contains "forward-looking statements" such as those, among others, relating to Theravance Biopharma's expectations regarding the completion of the proposed public offering. These statements are subject to significant risks and uncertainties; actual results could differ materially from those projected and Theravance Biopharma cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to the satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that Theravance Biopharma will be able to complete the public offering on the anticipated terms, or at all. Risks and uncertainties relating to Theravance Biopharma and its business can be found in the "Risk Factors" section of Theravance Biopharma's Form 10-Q, filed with the SEC on May 6, 2021, in Theravance Biopharma's other filings with the SEC and in the preliminary prospectus supplement relating to the proposed offering filed with the SEC on June 24, 2021. Theravance Biopharma undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Theravance Biopharma's expectations.

Contact: Gail Cohen
Corporate Communications
917-214-6603
investor.relations@theravance.com

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SOURCE Theravance Biopharma, Inc.

FAQ

What is the price of Theravance Biopharma's public offering of ordinary shares?

The pricing of Theravance Biopharma's public offering is set at $15.00 per share.

How many shares is Theravance Biopharma offering?

Theravance Biopharma is offering 6,700,000 ordinary shares in the public offering.

What are the proceeds expected from Theravance Biopharma's share offering?

The gross proceeds are expected to be approximately $100.5 million.

When is the expected closing date for the offering?

The offering is expected to close on June 29, 2021.

Who are the underwriters for Theravance Biopharma's public offering?

The joint lead bookrunners are SVB Leerink and Evercore ISI, with Credit Suisse as a bookrunner.