On December 21, 2023, Theravance Biopharma, Inc. announced the appointment to its Board of Directors of Jeremy Grant, who serves as a Special Advisor to Irenic Capital Management LP. The Company added that with the addition of Jeremy Grant, it has appointed 4 new directors to the Board since 2020. In connection with the announcement, the Company has entered into a cooperation agreement with Irenic Capital Management.

The Company added that pursuant to the agreement, Irenic Capital Management has agreed to customary standstill and voting commitments, among other provisions. The Company stated that it reaffirms intention to return all excess capital to shareholders and maximize shareholder value.