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Tag: ZYME stock

  • Zymeworks Inc. (ZYME) Soars After hours on $773M Bid from All Blue Capital

    On April 28, All Blue Capital which is an investment firm approached Zymeworks Inc. (ZYME) with a $773 million acquisition offer. After initial news was covered by Reuters, the cancer therapy antibodies developer also confirmed the offer later in a press release.

    Consequently, investors went bullish on ZYME stock, making it surge by 31.85% in the after-hours. A heavy volume of 2.14 million shares had the stock trading at a price of $6.54 apiece in the after hours. In the earlier session, the stock registered a mild gain of 2.06% at $4.96 a share.

    Source: Freepik

    The Acquisition Offer to ZYME

    On Thursday, the investment firm delivered a letter to the board of directors of ZYME. In the letter, All Blue offered to acquire the company for $10.50 per share for a total deal value of $773 million in cash. The non-binding proposal’s per share offer price is way more than the company’s stock’s usual price. As of Wednesday, ZYME stock had a value of $4.88 at the close while it was $4.96 on Thursday. It was the bid that had the stock’s price rally to $6.54 a share.

    Moreover, the offer letter also said that All Blue would help the company as it has recently been suffering from severe value erosion given the numerous missteps by its leadership. The letter also called its leadership unfocused with no clear strategy for improving performance.

    According to the company’s own announcement of the proposal, there is no certainty of a deal as no formal offer has been made yet. Although, the company did say that its board and its advisors will evaluate the proposal and determine the best course of action if a formal offer is made.

    What Does This Mean?

    The company has been through some rough times recently as it suffered from a series of shakeups. ZYME replaced its CEO in January with Kenneth Galbraith, an industry veteran, who then announced plans to lay off 25% of its workforce while streamlining its R&D strategy. Furthermore, the company’s revenue has also been decreasing which has it working for extending its cash runway.

    On the other hand, All Blue is a Dubai-based firm with investments in Pinterest, SpaceX, Peloton, Lyft, etc. Given the situation, if a deal is reached between both parties, it might just open new doors for the company.

    Conclusion

    ZYME stock was trending actively among investors as All Blue approached the company with a nice deal to acquire it. The news of the deal had the stock soaring in the after-hours on Thursday.

  • Zymeworks Inc. (ZYME) stock is going down in premarket – Why is that so?

    Zymeworks Inc. (ZYME) experienced a decrease of 13.63% in the premarket after the company announced a Pricing of $100.0 Million Public Offering. However, the last trading session closed at $9.32 with a decrease of 6.89%.

    $100.0 Million Public Offering – Recent News

    On 27 January 2022, ZYME announced the pricing of a $100 million public offering. Zymeworks will receive around $100.0 million in gross proceeds from the offering. This is the amount before eliminating underwriting discounts and charges, as well as other offering expenses. Moreover, ZYME has also given the underwriters a 30-day option to buy up to a maximum of 1,875,000 common shares just at the public offering price, after removing underwriting discounts and fees. Last but not the least, the offering will close on or around January 31, 2022.

    Corporate Update on Key Strategic Priorities by ZYME

    On 19th January 2022, ZYME presented a corporate update on its key strategic targets for 2022 and 2023, as well as verifying zanidatamab and ZW49 clinical development milestones. As a first step, ZYME has refocused the Company’s operations around the core functions and the most potential R&D prospects.

    These steps, including workforce reduction, offer the potential to lower future budgeted expenditures. The team is excited to report on the progress against these key priorities in 2022 and 2023 as they refocus, focus, and build a leading biopharmaceutical company around a renewed organization. The team will also report on the broadening pipeline of therapeutic compounds with the possibility to make a substantial difference for patients with difficult-to-treat cancers around the world.

    Corporate Update by ALX Oncology – More About it

    ALX Oncology issued a business update highlighting major milestones expected in 2022 on 10th January 2022. At ASH, researchers presented preliminary Phase 1a clinical data for evorpacept in conjunction with azacitidine in MDS patients (ASPEN-02). Moreover, the Phase 1 dose-expansion portion of the trial is still accumulating data. Not only this but ALX Oncology has acquired privately owned ScalmiBio, providing it full access to a unique SHIELD platform for conditional activation of antibodies in the tumor microenvironment and patented cytotoxic payloads for antibody-drug conjugates.

  • Zymeworks, Inc. (ZYME) Stock Undergoes Minor Volatility AsZanidatamab Development Continues

    Zymeworks, Inc. (ZYME) Stock Undergoes Minor Volatility AsZanidatamab Development Continues

    Zymeworks, Inc. (ZYME) stock prices were down by 5.05% as of the market closing on June 18th, 2021, bringing the price per share down to USD$36.25 at the end of the trading day. After-hours trading saw the stock climb by 7.56%, bringing it up to USD$38.99.

    Zanidatamab Development

    The company continues to enroll patients for its global pivotal trial for zanidatamab, a HER2-targeted bispecific antibody, monotherapy for patients previously treated HER2 gene-amplified BTC (HerIZON-BTC-01. Enrolment is continuing throughout sites across North and South America, Europe, and Asia, with the trial having been initiate based on encouraging data. This data highlighted a 40% confirmed objective response rate for zanidatamab monotherapy in BTC. The development of the treatment has been supported by various special designations in the U.S and EU.

    FDA Clearance

    ZYME also recently received clearance from the U.S Food and Drug Administration for the first randomized Phase 3 clinical trial for zanidatamab. HeriZON-GEA-01 is a randomized study of zanidatamab that is conducted across multiple centers, in combination with chemotherapy with or without BeiGene’s PD-1 targeted antiboy, tislelizumab. The regimen is designed as a first line treatment for patients with HER2-positive unrespectable locally advanced or metastatic GEA. Clinical data that supports the study from an ongoing Phase 2 clinical trial evaluating zanidatamab is expected to be presented in the second half of 2021.

    Presenting Zanidatamab Data

    April saw the presentation of preclinical data at the American Association for Cancer Research, which will reveal new insights into the unique mechanisms of action of zanidatamab. The presentation will also facilitate the introduction of the company’s fourth therapeutic platform, ProTECT, as well as describe two new preclinical assets focused on both the cykotine, IL-12, and the immune-oncology target, 4-1BB.

    Revenue Reports

    Revenue for the quarter ended March 31st, 2021 was reported at USD$0.6 million, down from the USD$8.3 million reported for the same quarter of the prior year. The revenue for 2021 was primarily related to support for research from partners. The massive year-over-year difference is largely attributable to the USD$5 million from BeiGene for a development milestone and USD$3.3 million from our partners for research support, drug supply, and other payments.

    Future Outlook for ZYME

    Armed with the continued development of zanidatamab, ZYME is poised to continue its trajectory of success. The company is keen to push for the commercialization and proliferation of its flagship treatment to usher in continued growth. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.