Company: TBPH
Filing Date: 2025-06-02
Form Type: 8-K
Source: 0001104659-25-055100
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Company: Theravance Biopharma, Inc.
Filing Date: 2025-06-02
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On May 30, 2025, Theravance Biopharma, Inc., a Cayman Islands exempted
company (“ TBPH”) and GlaxoSmithKline Intellectual Property Development Limited, a private company limited by shares registered
under the laws of England and Wales, and, solely with respect to Section 16, Glaxo Group Limited, a private company limited by shares
registered under the laws of England and Wales (collectively, “ GSK”), entered into an Assignment Agreement (the “ Assignment
Agreement”), pursuant to which TBPH assigned, transferred, conveyed and delivered to GSK all of TBPH’s interests and rights
to the TBPH Outer Years Royalty (as defined below) in exchange for $225 million in the aggregate from GSK. The transaction contemplated
by the Assignment Agreement was effective upon and closed simultaneously with entry into such agreement.

As previously disclosed, in 2022, TBPH completed the sale of its interests
in Theravance Respiratory Company, LLC, a Delaware limited liability company, previously held by TBPH indirectly through its wholly owned
subsidiaries, to Royalty Pharma Investments 2019 ICAV, an Irish collective asset-management vehicle (“ Royalty Pharma”), pursuant
to that certain Equity Purchase and Funding Agreement, dated as of July 13, 2022 (the “ Purchase Agreement”), by and between
TBPH and Royalty Pharma. Pursuant to the terms of the Purchase Agreement, beginning January 1, 2031, TBPH was entitled to receive from
Royalty Pharma 85% of the royalty payments on the Assigned Collaboration Products (as defined in the Purchase Agreement) payable (a) for
sales or other activities occurring on and after January 1, 2031 related to the Assigned Collaboration Products in the U. S., and (b) for
sales or other activities occurring on and after July 1, 2029 related to the Assigned Collaboration Products outside of the U. S. (such
royalty payments, the “ TBPH Outer Years Royalty”).

The foregoing description of the Assignment Agreement and the transactions contemplated thereby does not purport to be complete and is
qualified in its entirety by reference to the Assignment Agreement, which is attached to this Current Report on Form 8-K as Exhibit 2.1
and incorporated herein by reference.

Item 2.01. Completion of Acquisition or Disposition of Assets.