Zentera Therapeutics Completes $75 Million Series B Financing to Advance Oncology Pipeline in China

Shanghai, China – August 2, 2021 – Zentek Biopharmaceuticals (Shanghai) Co., Ltd. (“Zentek Bio”), a Shanghai-headquartered, clinical-stage biopharmaceutical company, announced today the successful completion of its $75 million Series B financing round. The round was led by founding investors OrbiMed Advisors Asia and Tybourne Capital Management, with participation from Avidity Partners, Casdin Capital, Surveyor Capital (an affiliate of Citadel), Farallon Capital Management, Lilly Asia Ventures (LAV), Logos Capital, Perceptive Advisors, Redmile Group, and Viking Global. Zentek Bio was founded by Zentalis Pharmaceuticals, Inc. (Nasdaq: ZNTL) and is dedicated to developing cancer therapeutics in China.

Zentalis Biopharma plans to use the proceeds from this financing round to advance the clinical development in China of three Zentalis candidate drugs, including the WEE1 inhibitor ZN-c3, the oral SERD ZN-c5, and the BCL-2 inhibitor ZN-d5, while expanding its product pipeline in China and globally through further business development initiatives. To date, Zentalis Biopharma has obtained approval for four Clinical Trial Applications (CTAs) in China.

“Since its establishment last year, Zentalis Biopharma has made tremendous progress in both clinical research and corporate development. We have not only successfully advanced our first two drug candidates into clinical trials, securing multiple Clinical Trial Authorizations (CTAs), but also cultivated a team of scientists and researchers who are deeply passionate about the company’s growth,” said Dr. Anthony Sun, CEO of Zentalis Biopharma and Chairman and CEO of Zentalis Pharmaceuticals. “We are deeply grateful to world-class investment institutions for their continuous financial support. The proceeds from this financing round will be used to advance and expand our candidate product pipeline, which currently includes two ongoing clinical trials, with plans to initiate an additional trial before the end of the year. Looking ahead, we believe that Zentalis Biopharma is fully capable of becoming a leading Chinese biopharmaceutical company. At this moment, we are one step closer to achieving our mission of delivering life-changing oncology therapies to patients worldwide.”

Bosun Hau of Tybourne Capital Management commented on the financing round, “It is an honor to have participated in ZT Biopharma’s investment journey from its inception through to the Series B round. This investment further solidifies the partnership between Tybourne Capital and ZT Biopharma. As a global growth-oriented investment management firm, this investment fully demonstrates our recognition of ZT Biopharma’s team and its innovative product pipeline.”

Dr. David Wang of OrbiMed, one of the two lead investors in this financing round, stated, “For 20 years, OrbiMed has been dedicated to identifying and supporting healthcare and life sciences companies that advance human health. Our investment in Zhengtengkang Biopharma serves as a perfect example of this commitment. We are delighted to partner with emerging biopharmaceutical companies like Zhengtengkang Biopharma to help them reach new heights in their pursuit of truly innovative therapies.”

Zhengtengkang Biopharma is a clinical-stage biopharmaceutical company headquartered in Shanghai, focused on the development of cancer therapeutics. The company aims to become a leading Chinese biopharmaceutical company, delivering life-changing oncology medicines to patients worldwide. Its pipeline of investigational oncology candidates includes ZN-c3, a WEE1 inhibitor discovered by Zentalis Pharmaceuticals; ZN-c5, an oral selective estrogen receptor degrader (SERD) for ER+/HER2- breast cancer; and ZN-d5, a BCL-2 inhibitor. Zhengtengkang Biopharma maintains offices in both Shanghai and Beijing.

Zentalis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company dedicated to the discovery and development of small-molecule therapeutics targeting fundamental biological pathways in cancer. The company is developing a broad portfolio of potential best-in-class oncology candidates, including ZN-c3 (a WEE1 inhibitor), ZN-c5 (an oral selective estrogen receptor degrader for ER+/HER2- breast cancer), ZN-d5 (a BCL-2 inhibitor), and ZN-e4 (an EGFR inhibitor). The company maintains offices in New York and San Diego. For more information, please visitwww.zentalis.comand follow @ZentalisP on Twitter and visit the websitewww.linkedin.com/company/zentalis-pharmaceuticalsEnterprise information is also available.

Tybourne Capital Management is a global growth investment management firm focused on public equity and private equity markets, with investment concentrations in healthcare, consumer, financial services, and TMT sectors. Founded in 2012, the company is headquartered in Hong Kong and maintains an office in San Francisco. Tybourne manages long-term capital on behalf of non-profit organizations, university endowments, sovereign wealth funds, corporate pension plans, and family offices. For more details about the company, please visit:www.tybournecapital.com

OrbiMed has focused on investments in the biopharmaceutical and healthcare sector for 20 years, ranging from early-stage private companies to large multinational corporations. Its management team comprises over one hundred professionals with expertise in science, medicine, investment, and other fields. OrbiMed manages more than $19 billion in investments across public and private companies globally, spanning biopharmaceuticals, medical devices, diagnostics, and healthcare services. The firm is also committed to identifying and supporting biopharmaceutical and life sciences enterprises that advance human health.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts should be considered forward-looking statements, including but not limited to statements regarding our expectations for the development, potential, safety, efficacy, regulatory and clinical progress of our candidate products in the United States, China, and globally; plans and timing for initiating and releasing clinical trial data; our ability to achieve other key milestones; and our expected use of proceeds from Zhengtengkang Bio’s Series B financing. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements, including but not limited to: the COVID-19 pandemic has had and may continue to have an adverse impact on our business, including our preclinical studies and clinical trials; our limited operating history, which may make it difficult to evaluate our current business and predict our future success and viability; we have incurred and expect to continue to incur significant losses; we require additional funding, which may not be available to us; our substantial dependence on the success of our lead candidate product; failure to identify other candidate products and develop or commercialize marketable products; the early stage of our development efforts; unforeseen events during clinical trials that could result in delays or other adverse consequences; risks associated with the regulatory approval process or ongoing regulatory obligations; failure to obtain marketing approval in the United States or internationally; risks related to marketing our candidate products internationally; the potential for our candidate products to cause serious side effects; inability to maintain collaborations, or collaboration failures; our reliance on third parties; the impact of significant competition; the possibility of system failures or security breaches; risks related to intellectual property; our ability to attract, retain, and motivate qualified personnel; and the substantial costs associated with operating as a public company. Zentalis discusses these and other important factors under the heading “Risk Factors” in its Form 10-Q for the quarter ended March 31, as well as in filings submitted to the U.S. Securities and Exchange Commission (SEC) in 2021 and other documents filed by Zentalis with the SEC, which could cause actual results to differ materially from those indicated in the forward-looking statements in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. Although we may choose to update such forward-looking statements at some point in the future, we assume no obligation to do so, even if subsequent events cause our views to change.