Irenic Capital Management released the below letter to Theravance Biopharma Board of Directors, which said in part: "Irenic Capital Management and its limited partners own approximately 4.2% of the outstanding shares of Theravance Biopharma making us one of the Company’s largest shareholders. We invested in Theravance because we believe the Company is worth substantially more than its current market value. In fact, we believe Theravance is worth nearly $21 per share as compared to its current trading price of only $9.87.1 Unlike value in many biotechnology companies, much of Theravance’s value ,in fact, value in excess of its entire market capitalization – is in concrete, commercialized assets and not dependent on future trials or novel discoveries. Approximately 49% of Theravance’s market value, or $4.80,2 is in cash on the balance sheet and another $6.29 of value can be ascribed to the Company’s stake in YUPELRI . Another $4.80 is in milestone and royalty payments associated with Yupelri and GSK plc’s TRELEGY ELLIPTA . In short, even before considering the more speculative value associated with the Company’s ownership of ampreloxetine , Theravance is worth well in excess of its trading price."
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