THERAVANCE BIOPHARMA,INC. (NASDAQ:TBPH) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 8.01 Costs Associated with Exit or Disposal Activities.
On January7, 2019, Theravance Biopharma,Inc. (the “Company”) announced a reduction in workforce to align with its focus on continued execution of key strategic programs, and advancement of selected late-stage research programs toward clinical development. The Company will reduce its overall headcount by approximately 50 individuals, with the affected employees primarily focused on early research or the infrastructure in support of VIBATIV®(telavancin), a marketed antibiotic recently sold by the Company to Cumberland Pharmaceuticals,Inc. The workforce reduction is expected to be substantially completed in the first quarter of 2019.
As a result of the workforce reduction, the Company expects to record severance related charges totaling approximately $2.5 – 3.0 million, which includes one-time cash severance payments and continued health insurance coverage but does not include ordinary course compensation expense that will continue to be made to affected employees during any statutory notice periods. A significant majority of the cash payments relating to personnel-related restructuring charges will be paid during the first quarter of 2019.
The charges that the Company expects to incur in connection with the workforce reduction are estimates and subject to a number of assumptions, and actual results may differ materially. The Company may incur additional costs not currently contemplated due to events associated with or resulting from the workforce reduction.
Item 8.01 Regulation FD Disclosure.
The information in this Current Report (including Exhibit99.1) is being furnished and shall not be deemed “filed” for the purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report (including Exhibit99.1) shall not be incorporated by reference into any registration statement or other document to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Between January7-10, 2019, members of the Theravance Biopharma,Inc. management team will be conducting meetings with analysts and investors in San Francisco, CA. A copy of the slide presentation for these meetings is being furnished to Regulation FD as Exhibit99.1 to this Current Report on Form8-K and is incorporated herein by reference.
Item 8.01Other Events.
On January7, 2019, the Company issued a press release announcing a reduction in force and related matters. A copy of the press release is attached hereto as Exhibit99.2 and incorporated by reference into this Item 8.01.
Item 8.01. Financial Statements and Exhibits.
(d)Exhibits.
Theravance Biopharma, Inc. Exhibit
EX-99.1 2 a19-2024_1ex99d1.htm EX-99.1 Exhibit 99.1 Theravance Biopharma,…
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About THERAVANCE BIOPHARMA,INC. (NASDAQ:TBPH)
Theravance Biopharma, Inc. is a biopharmaceutical company. The Company is engaged in creating medicines that make a difference in the lives of patients suffering from serious illness. The Company operates in the segment of discovery (research), development and commercialization of human therapeutics. The Company’s pipeline of internally discovered product candidates includes medicines to address the unmet needs of patients being treated for serious conditions primarily in the acute care setting. Its commercial product VIBATIV (telavancin) is a once-daily dual-mechanism antibiotic approved in the United States and Europe for certain difficult-to-treat infections. Revefenacin (TD-4208) is a long-acting muscarinic antagonist (LAMA) being developed as a nebulized treatment for chronic obstructive pulmonary disease. Its neprilysin (NEP) inhibitor program is designed to develop selective NEP inhibitors for the treatment of a range of cardiovascular and renal diseases.