Shots:

• Theravance to receive ~$1.5B (based on the disclosed value of Theravance) incl. ~$1.1B up front & ~$250M in sales-based milestones and ~$200M in NPV of Trelegy Ellipta’s rights along with 85% of the Trelegy royalties for Ex-US net sales after Jul 2029 & 85% in the US after Jan 1, 2031. The transaction is expected to close within 10 business days
• Theravance also receives $25M up front & $15M in regulatory milestones for the clinical development of ampreloxetine for symptomatic nOH in MSA patients. In return, Royalty Pharma to receive 2.5% & 4.5% royalties on net sales of ~$500M & over $500M, respectively
• The acquisition will diversify RPRX's portfolio with the addition of GSK's Trelegy Ellipta & add $200M to non-GAAP in 2025. Theravance plans to initiate the P-III trial of ampreloxetine in early 2023 & share additional details in 2022

Ref: Theravance Biopharma  | Image: Theravance Biopharma