On April 12, 2023, Irenic Capital Management LP announced that it welcomed the appointment of Jim Kelly to the Theravance Biopharma Inc Board, stated that the recent steps to increase the extent of the Company?s capital return program, modestly refresh the Board and submit a proposal to declassify the Board are steps in the direction of improved capital allocation and good governance. In addition, Irenic Capital stated that it encouraged the board to 1) immediately announce a review of strategic alternatives; 2) accelerate the pace of the capital return program; and 3) make real the commitment to declassification by proposing to declassify immediately and by putting the directors up for election this year on a one-year term.