Theravance Biopharma Inc. TBPH, +3.03% said Monday its board has authorized a $250 million capital return program, that includes buying back its own stock from GSK Plc GSK, -0.79%. The company will purchase GSK’s entire holdings of about 9.6 million shares at $9.75 a share with the closing expected Tuesday. The company also plans to launch a Dutch auction tender offer in the near term to buy about $95 million of its ordinary shares. It will then enter an open market share buyback plan to use the additional roughly $60 million. The company is aiming to complete the program by the end of 2023. Shares rose 3% premarket, but have fallen 9% in the year to date, while the S&P 500 SPX, -0.34% has fallen 19%.
