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June 29 (Reuters) - Zymeworks ZYME.O said on Monday it will buy Theravance Biopharma TBPH.O in a $929 million all-cash deal, giving the drugmaker access to an approved treatment for a chronic lung condition.

Theravance's drug Yupelri is approved in the U.S. as a once-daily nebulized maintenance treatment for chronic obstructive pulmonary disease.

Under the agreement, Zymeworks will buy all outstanding Theravance shares for $17 each, implying an about 3.6% discount to the stock's last close on Friday.

The acquisition is expected to provide near-term cash flow following the deal's close, Zymeworks said.

The deal is expected to close in the second half of 2026.