In after-hours trading, Theravance Biopharma Inc. (TBPH) was trading at $15.50, down -9.36%. In regular session, Theravance stock closed at $17.10, up by 2.70%. TBPH stock volume on Thursday was 0.45 million shares, which was above the average daily volume of 0.29 million shares over the past 50 days. Over the past 12 months, TBPH shares have lost -22.48%, and they have lost -3.01% over the last week.

The TBPH stock has lost -14.54% over the past three months, and -10.28% over the past six months. Also, TBPH currently has a market capitalization of $1.12 billion and 64.49 million outstanding shares. An announcement about the pricing of its underwritten public offering triggered a rapid decline in TBPH stock.

What price has TBPH set for its offering?

Theravance is a biopharmaceutical company focused on discovering, developing and commercializing drugs that specifically target the organs of interest. To meet the needs of patients better, TBPH is dedicated to developing new small-molecule drugs. TBPH focuses its research efforts on immunology and inflammation.

TBPH combines insights and innovation at each stage of its business and uses its internal capabilities, as well as those of its global partners, to achieve its purpose. TBPH employs its expertise in organ-selective pathology to develop new drugs that aim to increase a patient’s therapeutic index and minimize systemic side effects while maximizing efficacy.

A public offering of 6,700,000 ordinary shares of Theravance was priced at $15 per share in an underwritten public offering announced by the company.

• Pre-discounting, underwriting expenses and commissions, TBPH is expected to receive gross proceeds of $100.5 million.
• TBPH has also given the underwriters the option to purchase up to an additional 1,005,000 ordinary shares during the 30-day period following the public offering.
• Under normal circumstances, TBPH expects its offering to close on June 29, 2021.
• Joint bookrunners SVB Leerink and Evercore ISI handled TBPH’s offering.
• TBPH also engaged Credit Suisse as a bookrunner.
• C. Wainwright & Co. served as TBPH’s lead manager for that offering.

TBPH’s recent study results:

Theravance (TBPH) also this week released top-line data in a Phase 2 study using nezulcitinib at 3 mg once-daily compared to a placebo.

• TBPH is developing nezulcitinib, an investigational, inhaled pan-Janus kinase (JAK) inhibitor for the treatment of hospitalized patients who have acute lung injury and impaired oxygenation associated with COVID-19.
• In TBPH’s study, patients hospitalized with COVID-19 with impaired oxygenation were randomized, compared to a control group, and treated with a placebo.
• TBPH evaluated key endpoints through Day 28.
• About 99% of the participants received steroids as part of the study’s standard of care.
• Theravance (TBPH) will share these results with FDA, regulatory agencies, and other institutions to gain feedback on protocols for further studies of nezulcitinib in acute pulmonary inflammation.