Theravance declares independence from GSK, crafts $250M plan to buy back its own shares

As Theravance Biopharma tries to plot its comeback, it announced Monday morning that it would be buying its own shares from GSK — one of its major shareholders.

Theravance is buying back over 9.5 million shares from GSK for roughly $94 million, according to an SEC filing. In addition, Theravance plans to buy back $95 million from its existing investors “in the near term,” and another $60 million in its shares on the open market. In a press release, Theravance says it hopes to complete that part of its plan by the end of 2023.