- Theravance Biopharma, Inc. ( NASDAQ: TBPH ), a company focused on respiratory disorders, announced Wednesday a tender offer to purchase $95M of its ordinary shares at a price range of $9.75 – $10.50 per share.
- The "modified Dutch auction" tender offer is expected to expire at midnight Eastern Time on Nov. 10, 2022. The company intends to find the purchase with cash on hand.
- Per the terms, TBPH will purchase ~9.0M and ~9.7M of ordinary shares, representing ~13% and ~15% of its outstanding shares, if the offering is fully subscribed at the maximum purchase price of $10.50 and the minimum purchase price of $9.75 per share respectively.
- The share repurchase comes at a time when TBPH stock has gained ~37% to outperform the broader market over the past 12 months, as shown in this graph.
For further details see:
Theravance to purchase $95M of ordinary shares