On February 28, 2023, Theravance Biopharma Inc announced that it has communicated with shareholders stating that, the board regularly evaluate opportunities to enhance shareholder value, since announcing the TRELEGY-royalty transaction and the capital return program the Company's total shareholder return is 14%, prudent and disciplined approach to cost by the Company, initiated continuous return of capital to shareholders, regular board and governance refreshment. In addition, the Company stated that it has communicated with Irenic Capital Management LP on multiple occasions and offered to speak under a non-disclosure agreement to discuss planned strategic actions, but Irenic Capital refused to enter into non-disclosure agreement unless the Company enter into cooperation agreement that appointed Andy Dodge or another shareholder representative to the Company board. In addition, the Company stated that it intended to file a proxy statement with SEC in connection with the solicitation of proxies for the Company's 2023 annual meeting of stockholders.