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Zymeworks Raises $80 Million in Initial Public Offering (IPO) on Toronto and New York Stock Exchanges
Monday, May 1, 2017Company Profile | Follow Company
Vancouver, BC,May 1, 2017--(T-Net)--Zymeworks Inc. has raised $80 million in an IPO on the Toronto and New York Stock Exchanges.
The company issued 4,500,000 common shares at a price to the public of U.S.$13.00 per share ($17.75 CDN) for gross proceeds of approximately $80 million (CDN).
The stock began trading April 28, 2017 (Friday) on the New York Stock Exchange and on the Toronto Stock Exchange under the ticker symbol “ZYME”.
Zymeworks expects to use the net proceeds from the offering to further develop and advance its pipeline of product candidates and to increase its liquidity.
Zymeworks previous pre-IPO investors included Advanced Biotechnologies Venture Fund, BDC Healthcare Venture, Brace Pharma Capital, Celgene, CTI Capital, CTI Life Sciences Fund, Eli Lilly, Fonds de solidarité FTQ, Lumira Capital, Merlin Nexus, Northleaf Venture Catalyst Fund, and Teralys Capital.
The company raised over $125 million US in financing prior to its IPO including a $61.5 million Series A round ($86.6M CDN) in January 2016.
In February 2017, Zymeworks announced that it had opened a state-of-the-art, 10,000 square foot laboratory facility in Vancouver, Canada.
The new lab is to provide Zymeworks with increased control over discovery research, antibody generation, medicinal chemistry and bioconjugation for generating antibody drug conjugates, and the development of multi-functional proteins.
Citigroup Global Markets Canada Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. Canaccord Genuity Corp. acted as lead manager. Cormark Securities Inc.acted as co-manager. MTS Securities, LLC served as financial advisor to Zymeworks in the offering.
In addition, Zymeworks has granted the underwriters a 30-day over-allotment option to purchase up to an additional 675,000 common shares at the initial public offering price, less underwriting discounts and commissions.
About Zymeworks
Zymeworks is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics, initially focused on the treatment of cancer. Zymeworks' suite of complementary therapeutic platforms and its fully-integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly-differentiated product candidates.
Zymeworks' lead product candidate, ZW25, is a novel bispecific antibody currently being evaluated in an adaptive Phase 1 clinical trial. Zymeworks is also advancing a deep pipeline of preclinical product candidates and discovery-stage programs in immuno-oncology and other therapeutic areas.
In addition to Zymeworks' wholly-owned pipeline, its therapeutic platforms have been further leveraged through multiple strategic partnerships with global biopharmaceutical companies.
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements with regard to the use of proceeds from the offering and the expected closing of the offering. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the offering discussed above will be completed on the terms described. Completion of the proposed offering and the terms thereof are subject to numerous factors, many of which are beyond Zymeworks' control, including, without limitation, failure of customary closing conditions and the risk factors and other matters set forth in Zymeworks' filings with the U.S. Securities and Exchange Commission and the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. Zymeworks undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Contact:
Investor Inquiries:
David Matousek
Senior Manager, Investor Relations & Corporate Communications
(604) 678-1388
ir@zymeworks.com
This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A registration statement relating to the common shares was declared effective by the U.S. Securities and Exchange Commission on April 27, 2017. A final base PREP prospectus has been filed with, and a receipt has been issued by, the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada containing important information relating to the common shares.
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