By Josh Beckerman
Theravance Biopharma reached a cooperation agreement with stockholder Irenic Capital Management, which in February criticized the company’s capital allocation, executive compensation and operating costs.
The company named Jeremy Grant to the board. He is the founder of Harbor Ridge and a special advisor to Irenic Capital Management.
Theravance said it is “pleased to reaffirm our commitment to return all excess capital to shareholders through repurchases or dividends.” The company said in February that it increased its capital-return program to $325 million from $250 million.
Theravance has a collaboration agreement with Viatris to develop and commercialize nebulized revefenacin products for respiratory diseases. The companies co-promote Yupelri in the U.S.
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