Theravance to Buy GSK's Stake as Part of $250 Million Buyback
19 September 2022 - 8:47PM
Dow Jones News
By Colin Kellaher
Theravance Biopharma Inc. on Monday said it plans to buy back
$250 million in stock through a three-step process.
The biopharmaceutical company, which has about 76.4 million
shares outstanding and sports a market capitalization of nearly
$770 million, said it agreed to buy the roughly 9.6 million shares
held by U.K. pharma major GSK PLC for $9.75 apiece, a 3% discount
to Friday's closing price of $10.07.
GSK, with a 12.6% stake, is Theravance's second-largest
shareholder, according to data from FactSet.
Theravance also said it plans to launch a Dutch auction tender
offer in the near term to buy back about $95 million worth of
stock, followed by about $60 million in open-market repurchase,
adding that it aims to complete the program by the end of next
year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 19, 2022 06:32 ET (10:32 GMT)
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