Arthur Cox advises on pharmaceutical sector acquisition
Irish law firm Arthur Cox advised Theravance Biopharma on its acquisition by biotechnology company Zymeworks Inc. The deal, valued at $929 million in equity, will see Theravance Biopharma shareholders receive cash and a contingent value right for future proceeds. This transaction follows a strategic review and aims to maximize shareholder value.
Zymeworks offers US$929-million for COPD drug maker Theravance
Zymeworks Inc. is acquiring Dublin-based Theravance Biopharma Inc. for US$929-million in cash, financed partly by Zymeworks' own funds and partly by the Ontario Municipal Employees Retirement System (OMERS). This acquisition marks Zymeworks' entry into the respiratory illness market, leveraging Theravance's COPD drug Yupelri and potentially benefiting from sales of another respiratory drug, Trelegy Ellipta. The deal follows Zymeworks' shift to a royalty-based business model and is structured to avoid shareholder dilution.
Vancouver biotech Zymeworks buying Theravance for US$929M
Vancouver-based Zymeworks Inc. is acquiring California's Theravance Biopharma Inc. for US$929 million in cash, a move that diversifies Zymeworks' drug portfolio beyond oncology into respiratory-disease treatments. This acquisition follows Theravance's disappointing clinical trial results and subsequent restructuring. Zymeworks CEO Kenneth Galbraith stated this acquisition aligns with his strategy to build a more diversified and durable business by integrating partner-driven cash flows and innovative R&D.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks Inc. have announced a collaboration to use Gandeeva's cryo-electron microscopy (cryo-EM) platform to accelerate antibody drug discovery. This partnership aims to leverage cryo-EM technology to gain deeper structural insights into therapeutic antibodies, thereby streamlining the development process for novel treatments. The collaboration signifies a move towards more advanced and efficient methods in biopharmaceutical research and development.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks have partnered to use cryo-electron microscopy (cryo-EM) to generate structural data for accelerating antibody drug discovery. Gandeeva scientists successfully determined the structure of a small and flexible antigen bound to a Zymeworks antibody fragment, visualizing the antibody-binding epitope at high resolution. This breakthrough provides crucial insights for selecting and optimizing antibody leads, particularly for AI-driven antibody design.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks have partnered to enhance antibody drug discovery using cryo-electron microscopy (cryo-EM). Their collaboration successfully visualized a small, flexible antigen bound to an antibody Fab fragment at high resolution, providing crucial insights for optimizing biologics. This advancement is expected to accelerate the design of AI-driven antibodies and improve the development of precision medicines.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks have collaborated to leverage cryo-electron microscopy (cryo-EM) for enhanced antibody drug discovery. Their partnership focuses on generating high-resolution structural data of antibody-antigen interfaces, specifically visualizing complex binding epitopes on small and flexible antigens. This advancement provides critical insights for selecting and optimizing antibody leads, accelerating the design of AI-driven antibodies, and validating computational designs.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks have partnered to apply cryo-electron microscopy (cryo-EM) to accelerate antibody drug discovery. This collaboration successfully visualized a small (< 20 kDa) and flexible antigen bound to an antibody at high resolution, specifically identifying the nine-amino-acid binding epitope. This advanced cryo-EM technique provides crucial insights for selecting and optimizing antibody leads, especially for AI-driven antibody design.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks have partnered to utilize cryo-electron microscopy (cryo-EM) to enhance antibody drug discovery. They successfully visualized the structure of a small and flexible antigen bound to an antibody fragment at 2.6 Å resolution, identifying the 9 amino acids forming the binding epitope. This advancement is crucial for selecting and optimizing antibody leads, especially in accelerating AI-driven antibody design.
Gandeeva and Zymeworks Use Cryo-EM to Accelerate Antibody Drug Discovery
Gandeeva Therapeutics and Zymeworks Inc. have partnered to apply cryo-electron microscopy (cryo-EM) to accelerate antibody drug discovery. This collaboration focuses on visualizing antibody-antigen interfaces at high resolution, particularly for small and flexible antigens, which traditionally pose significant challenges. Their recent success includes determining the 2.6 Å resolution structure of an antibody-binding epitope on a small, flexible antigen, a breakthrough expected to significantly enhance AI-driven antibody design and selection.
Zymeworks partner maps a tiny antibody target at 2.6 Å
Gandeeva Therapeutics and Zymeworks have partnered to use cryo-electron microscopy (cryo-EM) to enhance antibody drug discovery. Their collaboration successfully resolved a nine-amino acid epitope of a small, flexible antigen bound to a Zymeworks antibody Fab at 2.6 Å resolution. This breakthrough provides crucial insights for selecting and optimizing antibody leads, particularly in AI-driven antibody design for challenging targets.
ZYME - Zymeworks BC Inc Stock Price and Quote
This article provides a comprehensive overview of Zymeworks BC Inc. (ZYME) stock, including its latest closing price, financial metrics, analyst ratings, and recent news. It highlights the company's recent acquisition of Theravance Biopharma and details insider trading activity.
Zymeworks Inc. (NASDAQ:ZYME) Q1 2026 Earnings Call Transcript
Zymeworks Inc. (NASDAQ: ZYME) held its Q1 2026 earnings call, reporting an EPS miss of $-0.59 against an expectation of $-0.1. The company highlighted significant upcoming milestones, including the PDUFA date for zanatumab in first-line GEA, anticipating milestone payments from Jazz and BeiGene, and substantial royalty revenues upon potential commercialization. They also discussed progress on their pan-RAS ADC platform, encouraging Phase 1 data for ZW191 in ovarian and endometrial cancers, and updates on ZW251, along with a disciplined capital allocation strategy including share repurchases.
Zymeworks (NASDAQ: ZYME) monetizes Ziihera royalties and boosts cash above $400M
Zymeworks reported a Q1 2026 net loss of $44.2 million, wider than the previous year, with collaboration revenue falling significantly to $2.4 million due to fewer milestone payments. However, the company boosted its cash, cash equivalents, and marketable securities to over $400 million by monetizing 30% of future Ziihera royalties for $250 million through a non-recourse term loan. Zymeworks also continued its share repurchase program, buying back 3.2 million shares for $76.6 million in the quarter, while advancing its pipeline and awaiting regulatory milestones for Ziihera, including priority FDA review for HER2-positive gastroesophageal cancers.
Zymeworks makes two interim leaders permanent to steer pipeline and deals
Zymeworks has appointed Dr. Adam Schayowitz as Executive VP & Head of R&D and Scott Platshon as Executive VP & Chief Business Officer, making their interim roles permanent. These appointments aim to strengthen the company's R&D, advance its clinical pipeline, and manage its portfolio of licensed assets. The company highlights recent milestones like the Phase 1 initiation for ZW251 and positive Phase 3 data for zanidatamab (Ziihera) as drivers for its integrated strategy.
Zymeworks Provides Corporate Update and Reports Fourth Quarter and Full Year 2025 Financial Results
Zymeworks Inc. reported its financial results for the fourth quarter and full year 2025, highlighting a strategic shift towards predictable revenue streams and disciplined capital allocation. The company announced significant progress with its partnered programs, including regulatory submissions and approvals for Ziihera, and reported a substantial increase in total revenue for 2025 alongside a reduced net loss, supported by a $250.0 million non-recourse royalty-backed note financing. Zymeworks also provided an update on its share repurchase program and financial outlook, projecting its existing cash alongside anticipated milestones and financing to fund operations beyond 2028.
Zymeworks (NASDAQ: ZYME) posts 39% 2025 revenue growth, narrows loss
Zymeworks reported a significant financial improvement in 2025, with total revenue rising 39% to $106.0 million and its net loss narrowing by 34% to $81.1 million. The company ended the year with strong liquidity, holding $270.6 million in cash and short-term investments, further bolstered by a new $250.0 million royalty-backed note from Royalty Pharma. This strategic financing and disciplined expense management are expected to extend Zymeworks' cash runway beyond 2028, supporting ongoing share repurchases and potential acquisitions.
Zymeworks Inc. (NASDAQ:ZYME) Q4 2025 Earnings Call Transcript
Zymeworks Inc. discussed its Q4 2025 earnings and provided updates on its clinical programs and strategic financing. Key highlights include positive Phase III results for zanidatumab in HER2-positive GEA, a new $250 million royalty-backed note financing with Royalty Pharma to fund share repurchases and potential acquisitions, and progress in other clinical trials such as ZW251 and ZW191. The company reiterated its commitment to disciplined capital allocation and expansion of its royalty-generating asset portfolio.
Zymeworks Provides Corporate Update and Reports Fourth Quarter and Full Year 2025 Financial Results
Zymeworks announced its fourth-quarter and full-year 2025 financial results, highlighting a 39% increase in total revenue to $106.0 million and a 34% reduction in net loss to $81.1 million compared to 2024. The company also provided a corporate update, including a $250.0 million royalty-backed note financing with Royalty Pharma, $62.5 million utilized for share repurchases, and significant progress with its partnered programs Ziihera and pasritamig, anticipating regulatory approvals and milestone payments. Zymeworks reported $270.6 million in cash, cash equivalents, and marketable securities as of December 31, 2025, projecting a cash runway beyond 2028.
Zymeworks Provides Corporate Update and Reports Fourth Quarter and Full Year 2025 Financial Results
Zymeworks Inc. reported its financial results for the fourth quarter and full year 2025, highlighting a significant increase in total revenue to $106.0 million and a reduced net loss of $81.1 million. The company announced a $250.0 million non-recourse royalty-backed note financing with Royalty Pharma and detailed ongoing progress in its partnered programs, including regulatory submissions for Ziihera (zanidatamab-hrii) and clinical data for pasritamig, while also updating its share repurchase program.
Zymeworks (NASDAQ: ZYME) seals $250M Ziihera royalty financing
Zymeworks Inc. has secured a $250 million non-recourse royalty-backed note financing agreement with Royalty Pharma. This deal leverages 30% of future Ziihera (zanidatamab-hrii) royalties from Jazz Pharmaceuticals and BeOne Medicines as collateral, providing Zymeworks with non-dilutive capital. The funding aims to strengthen Zymeworks' balance sheet, support its stock repurchase program, facilitate potential strategic acquisitions, and extend its cash runway beyond 2028.
Could Zymeworks' blockbuster drug success revive Vancouver biotech scene?
Zymeworks Inc. has achieved a significant breakthrough with its lead cancer drug, Zanidatamab, proving effective in Phase 3 trials, potentially generating billions in sales. This success is poised to invigorate Vancouver's biotech sector by creating jobs, attracting investment, and fostering a skilled workforce. The company also has other promising drugs in its pipeline and plans to diversify by investing in future royalty streams from other biotech firms.
Could Zymeworks' blockbuster drug success revive Vancouver biotech scene?
Zymeworks Inc. has achieved a significant breakthrough with its lead cancer drug, Zanidatamab, which has proven effective in Phase 3 trials and is poised for commercialization, potentially generating billions in sales. This success, along with other promising drugs in its pipeline and strategic investments in other biotech companies, positions Zymeworks as a key player in revitalizing Vancouver's life sciences sector. The company's growth and job creation are expected to create a ripple effect, attracting further investment and talent to the local biotech ecosystem.
Jazz, Zymeworks Bispecific Achieves ‘Practice-Changing’ Results in Stomach Cancer Study
Jazz Pharmaceuticals and Zymeworks' HER2 bispecific antibody Ziihera significantly improved progression-free survival in a Phase III study for gastroesophageal adenocarcinoma, paving the way for a regulatory filing in early 2026. Analysts are optimistic about Ziihera's potential to replace existing HER2-targeting therapies and are projecting peak revenues of around $2.9 billion. The drug works by binding to two sites on the HER2 protein, leading to fewer HER2 receptors on cancer cells and activating the immune system.
Zymeworks stock hits four-year high on promising results from digestive cancer trial
Zymeworks Inc. stock reached a four-year high following promising results from a late-stage human efficacy trial for its lead drug, Ziihera, in combination with chemotherapy for advanced metastatic gastroesophageal adenocarcinoma (GEA). The drug demonstrated statistically significant and clinically meaningful improvements in prolonging the period without cancer worsening or spreading. This development marks a significant turning point for Zymeworks, especially after a period of investor doubt and a strategic shift under its new CEO, Kenneth Galbraith.
Zymeworks (ZYME) Soars on Positive Phase 3 Ziihera Data in Gastric Cancer – What Today’s Breakthrough Means for the Stock and Patients
Zymeworks Inc. announced positive topline Phase 3 results for Ziihera (zanidatamab-hrii) in HER2-positive gastroesophageal adenocarcinoma, showing significant improvements in progression-free and overall survival. Development partner Jazz Pharmaceuticals plans to file an sBLA in 1H 2026, positioning Ziihera as a potential new first-line standard of care. This breakthrough sent ZYME stock soaring in pre-market trading and could materially alter Zymeworks' financial forecasts and long-term narrative, despite the company remaining loss-making.
FDA approves cancer drug developed by B.C.'s Zymeworks
The FDA has granted accelerated approval for Ziihera, a new drug for biliary tract cancer developed by Zymeworks Inc. in partnership with Jazz Pharmaceuticals. This approval triggers a $25-million milestone payment to Zymeworks and makes them eligible for over $1 billion in total milestone payments and royalties. The drug validates Zymeworks' Azymetric bispecific platform technology and marks their first FDA-approved therapy.
Jazz Pharmaceuticals and Zymeworks Announce Exclusive License Agreement to Develop and Commercialize Zanidatamab, a HER2-Targeted Bispecific Antibody
Jazz Pharmaceuticals and Zymeworks Inc. announced an exclusive licensing agreement for Jazz to develop and commercialize zanidatamab, a HER2-targeted bispecific antibody, in key markets including the U.S., Europe, and Japan. Zymeworks will receive an upfront payment of $50 million, a potential second payment of $325 million, and up to $1.76 billion in total potential payments through regulatory and commercial milestones, plus royalties on net sales. This agreement expands Jazz's oncology portfolio with a late-stage asset that has shown compelling anti-tumor activity, aiming to address unmet patient needs in HER2-expressing cancers like biliary tract cancer and gastroesophageal adenocarcinoma.
Zymeworks: Its Post-Approval Future (NASDAQ:ZYME)
Zymeworks' recently approved bispecific HER2 antibody, Ziihera, has significant sales potential, especially if approved for stomach and breast cancers. The company, via its partner Jazz Pharmaceuticals, is conducting multiple trials to expand Ziihera's indications and is also advancing an early-stage pipeline. The stock has seen recent beneficial owner purchases, indicating potential confidence in its future.
Opinion: Four trends to watch in B.C.'s tech sector
This article forecasts four key trends for British Columbia's tech sector in 2025: navigating a challenging venture capital environment, leveraging AI/ML capabilities, capitalizing on international events, and adapting to political and regulatory uncertainties. It highlights Zymeworks' success as an example and details other achievements by B.C. innovators in biotech, cleantech, and finance, emphasizing the importance of strategic adaptation and seizing emerging opportunities.
Clinical Focus: Zymeworks Discontinues Development of ZW171 in Phase 1 Trial
Zymeworks has halted the clinical development of its mesothelin-directed T-cell engager ZW171 due to an unfavorable benefit-risk profile identified during a Phase 1 study, despite promising preclinical data. The company is now re-focusing its resources on other pipeline candidates, including ZW191, ZW251, and plans for an IND filing for ZW209 in early 2026. This decision follows a similar discontinuation of ZW49 development and emphasizes Zymeworks' commitment to advancing product candidates with the highest potential impact for patients.
Zymeworks - ZYME - Stock Price & News
This page provides a comprehensive overview of Zymeworks (ZYME) stock, including its current price, market cap, and key financial metrics like revenue, net income, and EPS. It also lists recent news articles related to Zymeworks and offers performance analysis, including annual and quarterly growth rates for revenue and EPS.
Immunovant's Q1 Loss Narrower Than Expected, Pipeline in Focus
Immunovant (IMVT) reported a Q1 fiscal 2026 adjusted net loss of 60 cents per share, which was narrower than the Zacks Consensus Estimate of a 69-cent loss. The company's pipeline, particularly the next-generation FcRn inhibitor IMVT-1402, is a key focus with several clinical studies on track for various autoimmune indications. Immunovant expects its cash balance of $598.9 million to fund clinical activities through 2027.
Zymeworks (ZYME) Could Find a Support Soon, Here's Why You Should Buy the Stock Now
Zymeworks (ZYME) stock has been bearish, but a hammer chart pattern suggests a potential trend reversal. This technical indicator, combined with rising optimism among Wall Street analysts and a Zacks Rank #1 (Strong Buy), points to strong fundamental support for the company's future earnings. Investors are encouraged to consider buying the stock due to these combined factors indicating an improving outlook.
Wall Street Analysts See a 76.74% Upside in Zymeworks (ZYME): Can the Stock Really Move This High?
Wall Street analysts project a 76.74% upside for Zymeworks (ZYME), with a mean price target of $21.35 based on 10 short-term estimates. While price targets are often viewed with skepticism due to potential analyst bias, a strong positive trend in earnings estimate revisions and a Zacks Rank #2 (Buy) suggest potential for stock growth. Investors are advised to consider price targets as a starting point for research rather than the sole basis for investment decisions.
Zymeworks Inc. (NYSE:ZYME) Q1 2024 Earnings Call Transcript
Zymeworks Inc. reported its Q1 2024 earnings, with a net loss of $31.7 million, exceeding analyst expectations, and detailed progress on its clinical development programs, particularly for zanidatamab in various cancers. The company highlighted advancements in its multispecific antibody and antibody-drug conjugate platforms, presenting data at AACR, and discussed its strong financial position with a cash runway into the second half of 2027. Zymeworks also addressed strategic partnerships and potential expansion into autoimmune diseases, emphasizing its commitment to innovation and efficient resource management.
Zymeworks Inc. (NYSE:ZYME) Q4 2023 Earnings Call Transcript
Zymeworks Inc. discussed its Q4 and full-year 2023 financial results and provided updates on its pipeline in an earnings call transcript. The company highlighted advancements in its antibody-drug conjugates (ADCs) and multispecific antibody therapeutics, particularly zanidatamab with potential regulatory approvals and launches in 2025. Zymeworks also detailed its "5x5" program, aiming for two IND submissions in 2024 and further pipeline development into 2027 with a strong cash position.
B.C. biotech Zymeworks gets $50M private placement
B.C. biotech firm Zymeworks Inc. secured a $50 million private placement from EcoR1 Capital, its largest stockholder. This investment strengthens Zymeworks' financial position, extends its cash runway into the second half of 2027, and will fuel its "5 by 5" research and development strategy, including new drug application filings in 2024. The news positively impacted Zymeworks' stock price, which had seen a significant decline in 2022 but has been recovering since October 2023.
Zymeworks Provides Corporate Update and Reports Third Quarter 2023 Financial Results
Zymeworks Inc. has reported its financial results for the third quarter of 2023, showing a 44% decrease in net loss for the first nine months compared to the previous year, alongside cash resources projected to fund operations through at least the end of 2026. The company highlighted key advancements in its product pipeline, including positive clinical data for zanidatamab from its partners and the nomination of ZW251 as its latest IND candidate targeting hepatocellular carcinoma. Zymeworks also outlined its "5 by 5" strategy, anticipating multiple clinical study initiations and a major data readout in the coming years.
Zanidatamab Shows Activity in Refractory HER2-Amplified Biliary Tract Cancer
Research presented at the 2023 ASCO Annual Meeting and published in The Lancet Oncology has shown that the HER2-targeted bispecific antibody zanidatamab demonstrated durable responses in patients with treatment-refractory HER2-positive biliary tract cancer. The global phase II HERIZON-BTC-01 trial reported a confirmed objective response rate of 41% with a median duration of response of 12.9 months in the HER2-positive cohort. These findings suggest zanidatamab could be a new treatment option for patients with limited alternatives, as standard chemotherapy typically yields only a 5% response rate in this population.
Zymeworks and Daiichi Sankyo end bispecific antibody deal (NASDAQ:ZYME)
Zymeworks and Daiichi Sankyo have terminated their six-year exclusive partnership concerning bispecific antibody products. Despite this announcement, Zymeworks' stock remained steady on Monday. The original agreement was established in 2016 between Daiichi Sankyo and Zymeworks BC.
Jazz Pharma To License Zymeworks' Zanidatamab For Total Potential Payments Of Up To $1.76 Bln
Jazz Pharmaceuticals has entered into an exclusive license agreement with Zymeworks to commercialize Zanidatamab, a HER2-targeted bispecific antibody, across multiple key territories. The deal involves an upfront payment of $50 million, potential additional payments of up to $1.76 billion based on clinical, regulatory, and commercial milestones, and tiered royalties on net sales. Zanidatamab is currently in various clinical trials for HER2-expressing solid tumors and has received Breakthrough Therapy and Fast Track designations from the FDA.
Wilson Sonsini Advises Zymeworks on Exclusive Licensing Agreement with Jazz Pharmaceuticals
Wilson Sonsini advised Zymeworks on an exclusive licensing agreement with Jazz Pharmaceuticals for zanidatamab development and commercialization. Under the agreement, Zymeworks could receive up to $1.76 billion in payments, including a $50 million upfront payment, a potential $325 million payment post-clinical data readout, and additional regulatory and commercial milestone payments, along with double-digit royalties. Zanidatamab, a bispecific antibody, has received Breakthrough Therapy and Fast Track designations from the U.S. FDA for HER2-amplified biliary tract cancer and gastroesophageal adenocarcinoma.
About Us | Laser Focus World - Zymeworks Completes Plan to Become Delaware Corporation
Zymeworks Inc. has completed its redomiciliation plan, effectively becoming a Delaware corporation. This change involves Zymeworks Delaware Inc. becoming the new parent company, taking over all assets and liabilities from the former British Columbia-based entity, and issuing new common stock or exchangeable shares to shareholders. The move was approved by securityholders and is expected to facilitate Zymeworks' continued development of biotherapeutics and potential future commercialization efforts.
Zymeworks Announces Results of Special Meeting
Zymeworks Inc. securityholders approved the plan to become a Delaware corporation at a special meeting held in Vancouver, BC, on October 7, 2022. This redomicile is expected to broaden the investor base and streamline commercialization efforts for its biotherapeutics like zanidatamab. The results showed strong support, with over 93% of votes in favor from both securityholders and shareholders.
Zymeworks Reminds Shareholders to Vote FOR its Redomicile
Zymeworks is urging shareholders to vote in favor of its redomicile to a Delaware corporation before the October 5, 2022 deadline. The company believes this move will enhance long-term shareholder value, simplify commercialization efforts, and improve comparability to peers. Leading independent proxy advisory firms have also recommended a FOR vote.
Zymeworks Announces Filing and Mailing of Materials for the Special Meeting to Approve Redomicile to Delaware
Zymeworks announced the filing and mailing of materials for a special meeting of securityholders to approve its redomicile to Delaware. The company believes this move will enhance long-term value for securityholders, expand its institutional investor base, and better align it with biotechnology peers, potentially increasing the value of its common shares. The Zymeworks Board recommends securityholders vote FOR the redomicile resolution.
Zymeworks CSO Paul Moore Tasked with Shepherding Pipeline at Critical Juncture
Dr. Paul Moore has taken on the role of Chief Scientific Officer at Zymeworks, a company focused on developing bispecific antibodies and antibody-drug conjugates for cancer treatments. His appointment comes at a crucial time as Zymeworks navigates a recent leadership change and aims to advance its pipeline, including lead drug candidates zanidatamab and zanidatamab zovodotin (ZW49) through clinical trials. Moore will lead the company's early research and development group, leveraging Zymeworks' unique antibody engineering platforms to address difficult-to-treat cancers.
Zymeworks to reincorporate in Delaware as B.C. biotech faces financial strains
Zymeworks Inc., a B.C. biotech company, announced plans to reincorporate in Delaware by the end of the year, citing benefits like enhanced shareholder value and reduced administrative costs. This move comes amidst significant financial strains for the company, including net losses, layoffs, and a hostile takeover bid. Despite the reincorporation, Zymeworks states that Vancouver will remain its operational base.
Vancouver biotech Zymeworks rejects $10.50-a- share hostile bid from Dubai hedge fund All Blue
Zymeworks Inc. has rejected a $10.50-a-share takeover bid from Dubai hedge fund All Blue Falcons FZE, stating it significantly undervalues the company and is not in the best interests of shareholders. The biotechnology firm's stock had dropped considerably due to setbacks related to its drug candidates and a general decline in biotech stocks. Zymeworks' new CEO, Kenneth Galbraith, called the bid opportunistic and criticized All Blue's "informal" proposal, while All Blue's managing director, Matt Novak, maintained the seriousness of their offer and their willingness to proceed with a hostile bid if negotiations fail.
