Believes Jim Kelly of Weiss Asset Management Will Bring Important Ownership Mentality to the Boardroom

Encourages the Board to Continue Taking Concrete Steps to Improve Capital Allocation, Enhance Corporate Governance and Review Strategic Alternatives

Irenic Capital Management, LP (together with its affiliates, “Irenic” or “we”), a top shareholder of Theravance Biopharma, Inc. (NASDAQ: TBPH) (“Theravance” or the “Company”), today issued the following statement regarding the Company’s appointment of Jim Kelly, Managing Director at Weiss Asset Management, to the Board of Directors (the “Board”):

“Irenic welcomes the appointment of Jim Kelly to the Theravance Board. We respect and admire Jim’s investment acumen and thoughtfulness, and believe he brings a much-needed shareholder perspective to the boardroom. We are pleased the Theravance Board added him. 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.

We encourage 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. Theravance has made progress. This is to be commended. We hope the Board finishes the job.”

About Irenic

Irenic Capital Management, LP is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.

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