Zymeworks Completes $201.3 Million Follow-on Public Offering to Accelerate Development of Oncology Immunotherapies

Recently, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company Zymeworks has announced the closing of its secondary public offering. The lead underwriters for this offering included J.P. Morgan Securities Inc., Wells Fargo Securities, LLC, and Stifel, Nicolaus & Company, Incorporated; Raymond James Ltd. served as co-lead underwriter, and Ladenburg Thalmann & Co. Inc. acted as an underwriter.

A total of 7,013,892 shares of common stock were issued in this offering, including 1,458,336 additional shares purchased by the underwriters upon exercise of their over-allotment option, and 4,166,690 shares of common stock purchased by a certain specific investor upon exercise of pre-funded warrants. The public offering price for the common stock was $18.00 per share, and the exercise price for the pre-funded warrants was $17.9999 per share. Through this offering, Zymeworks raised approximately $201.3 million in gross proceeds (before deducting underwriting discounts, commissions, and other offering expenses).

Zymeworks intends to use the net proceeds from this offering to accelerate and expand the global development of ZW25 as a monotherapy and in combination regimens for the treatment of various HER2-expressing tumors, including esophageal cancer, breast cancer, and other underserved cancers; to advance the clinical development of ZW49 through ongoing adaptive Phase 1 clinical trials and subsequent studies; to further develop other novel preclinical programs, including those targeting non-HER2-expressing tumors; and for general corporate purposes.

It is reported that Zymeworks completed its initial public offering in April 2017, raising a total of $63.6 million.

Zymeworks is a clinical-stage biopharmaceutical company dedicated to developing next-generation multifunctional biotherapeutics. The company’s therapeutic platforms and its fully integrated drug development engine enable the precise identification of highly differentiated candidate drugs.

Zymeworks’ lead candidate, ZW25, is a novel Azymetric bispecific antibody currently in Phase II clinical development. The company’s other candidate, ZW49, is in Phase I clinical development; it combines the unique design framework of ZW25 with Zymeworks’ proprietary ZymeLink cytotoxic payload to form a bispecific antibody-drug conjugate. Zymeworks is also advancing preclinical research across immuno-oncology and other therapeutic areas. Additionally, nine biopharmaceutical companies are leveraging Zymeworks’ therapeutic platform for drug development.

JPMorgan Chase is a leader in asset management, investment banking, private banking, treasury and securities services, and commercial banking, with over $13.7 trillion in assets under custody and $5.1 trillion in assets under management. The company provides custody, fund management, and securities services to institutional investors, asset managers, and bond and equity issuers worldwide.

JPMorgan Chase operates in more than 90 regions worldwide, helping clients enhance financial management efficiency, mitigate risks, and increase returns through comprehensive services in investment, securities clearing, collateral management, and alternative investments. The firm serves clients from over 100 countries, including corporations, institutional investors, hedge funds, governments, and individuals.

Wells Fargo Securities, headquartered in California, United States, is a private equity firm with over 40 offices across the United States, Europe, and Asia. The company offers a comprehensive suite of capital markets products and services, including public bond and equity issuances, hedge funds, structured loans, municipal bonds, and commodities, as well as providing corporate merger and acquisition advisory services.

Stifel, Nicolaus & Company, Incorporated, established in 1890 and headquartered in St. Louis, Missouri, USA, is a subsidiary of Stifel (Stifel Financial Corp.). Stifel is a publicly traded, diversified global wealth management firm and investment bank dedicated to building collaborative relationships with clients to help individuals, families, and organizations achieve their financial goals.

Stifel, Nicolaus & Company, Incorporated is an investment bank that provides financial advisory services. The company offers financial planning, mergers and acquisitions, capital restructuring, retirement planning, equity sales, public financing, private equity, underwriting, and trust services; in addition, it provides listed options, annuities, insurance, and industry research services.

Raymond James was founded in 1998 and is an investment bank dedicated to providing comprehensive financial services to its clients. The company’s primary investment sectors include communications software, communication towers, defense electronics, enterprise software, internet infrastructure services, homeland security, IT services, mobile technology, semiconductors, software-as-a-service (SaaS), telecommunications equipment, telecommunications infrastructure and support services, and wireless and wired telecommunications services.

Since its inception, Raymond James has participated in more than 80 public offerings, involving $17 billion in capital; it has provided 85 transaction advisory services to clients, with a total value exceeding $5 billion.

Ladenburg Thalmann, founded in 1876, is an investment bank headquartered in Florida, United States, and a leading innovator of the networked model for independent broker-dealer and financial advisory services. The company is committed to meeting diverse client needs by providing a range of innovative financial solutions. Through its wealth management platform, it offers a robust suite of institutional-grade products and services, maintaining sustained competitiveness in the financial advisory sector.

(Compiled by Tang Lulu)