Zymeworks Inc. (NYSE: ZYME) (“Zymeworks” or the
“Company”), a clinical‑stage biopharmaceutical company
developing multifunctional biotherapeutics, has today filed a
preliminary prospectus supplement (the “Canadian
Supplement”) to its Canadian short form base shelf prospectus
dated November 18, 2019 (the “Base Prospectus”) in
connection with an offering of its common shares and, in lieu of
common shares to a certain investor, pre-funded warrants to
purchase its common shares (the “Offering”). The Canadian
Supplement was filed with the securities regulatory authorities in
each of the provinces and territories of Canada. A preliminary
prospectus supplement (the “U.S. Supplement,” together with
the Canadian Supplement, the “Supplements”) was also filed
with the U.S. Securities and Exchange Commission (the “SEC”)
as part of an automatic shelf registration statement on Form
S-3ASR, including a prospectus dated November 5, 2019 (the
“Registration Statement”) which has been filed with the SEC
and was automatically declared effective, pursuant to which the
securities will be offered in the United States.
The Company also expects to grant to the underwriters a 30-day
over-allotment option to purchase up to an additional 15% of the
number of common shares offered in the Offering. The Offering is
expected to be priced in the context of the market, with the final
terms of the Offering to be determined at the time of pricing.
There can be no assurance as to whether or when the Offering may be
completed, or as to the actual size or terms of the Offering. The
closing of the Offering will be subject to customary closing
conditions, including the listing of the common shares on the NYSE
and any required approvals of the exchange. The pre-funded warrants
will not be listed on the NYSE.
The Offering is expected to raise total gross proceeds of
approximately US$200.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses. The
Company intends to use the net proceeds of the Offering (i) to
accelerate and expand the global development of ZW25 both as a
single agent and in combination with other anti-cancer agents in a
variety of HER2-expressing tumors, including gastroesophageal,
biliary tract, breast and other underserved cancers; (ii) to
accelerate and expand the clinical development of ZW49; (iii) to
advance other novel preclinical programs, including those involving
non-HER2-expressing tumors; and (iv) for general corporate
purposes.
J.P. Morgan Securities LLC and Citigroup Global Markets Canada
Inc. are acting as active bookrunners for the Offering. Stifel,
Nicolaus & Company, Incorporated and Wells Fargo Securities
Canada, Ltd. are acting as bookrunners, and Raymond James Ltd. is
acting as lead manager.
The Supplements and the Registration Statement contain important
detailed information about the Offering. A copy of the Canadian
Supplement can be found on SEDAR at www.sedar.com and www.sec.gov,
and a copy of the U.S. Supplement and the related Registration
Statement can be found on EDGAR at www.sec.gov. Copies of the
Supplements may also be obtained from J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by telephone at (866) 803-9204; Citigroup
Global Markets Canada Inc., Attention: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone at (800) 831-9146; Stifel, Nicolaus & Incorporated,
Attention: Syndicate, One Montgomery Street, Suite 3700, San
Francisco, CA 94104, by telephone at (415) 364-2720, or by email at
syndprospectus @stifel.com; or Wells Fargo Securities Canada, Ltd.,
Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West
33rd Street, New York, NY 10001, by telephone at (800) 326-5897, or
by email at cmclientsupport@wellsfargo.com. Prospective investors
should read the Supplements and the Registration Statement before
making an investment decision.
This news release 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 province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
About Zymeworks Inc.
Zymeworks is a clinical-stage biopharmaceutical company
dedicated to the development of next-generation multifunctional
biotherapeutics. Zymeworks’ suite of therapeutic platforms and its
fully integrated drug development engine enable precise engineering
of highly differentiated product candidates. Zymeworks’ lead
clinical candidate, ZW25, is a novel Azymetric™ bispecific antibody
currently in Phase 2 clinical development. Zymeworks’ second
clinical candidate, ZW49, is a bispecific antibody-drug conjugate
currently in Phase 1 clinical development and combines the unique
design and antibody framework of ZW25 with Zymeworks’ proprietary
ZymeLink™ cytotoxic payload. Zymeworks is also advancing a deep
preclinical pipeline in oncology (including immuno-oncology agents)
and other therapeutic areas. In addition, its therapeutic platforms
are being leveraged through strategic partnerships with nine
biopharmaceutical companies.
Cautionary Note Regarding Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and “forward-looking information” within the meaning of
Canadian securities laws, or collectively, forward-looking
statements. Forward-looking statements in this news release include
statements that relate to the Offering, the anticipated size of the
Offering, the granting of the over-allotment option, the
anticipated use of proceeds from the Offering, and other
information that is not historical information. When used herein,
words such as “advance”, “believe”, “may”, “plan”, “will”,
“estimate”, “anticipate”, “intend” and similar expressions are
intended to identify forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking. All forward-looking
statements are based upon Zymeworks’ current expectations and
various assumptions. Zymeworks believes there is a reasonable basis
for its expectations and beliefs, but they are inherently
uncertain. Zymeworks may not realize its expectations, and its
beliefs may not prove correct. Actual results could differ
materially from those described or implied by such forward-looking
statements as a result of various factors, including, without
limitation, market conditions and the factors described under “Risk
Factors” in the Base Prospectus, the Registration Statement, the
Supplements and Zymeworks’ Quarterly Report on Form 10-Q for the
three month period ended September 30, 2019 (a copy of which may be
obtained at www.sec.gov and www.sedar.com). Consequently,
forward-looking statements should be regarded solely as Zymeworks’
current plans, estimates and beliefs. You should not place undue
reliance on forward-looking statements. Zymeworks cannot guarantee
future results, events, levels of activity, performance or
achievements. Zymeworks does not undertake and specifically
declines any obligation to update, republish, or revise any
forward-looking statements to reflect new information, future
events or circumstances, or to reflect the occurrences of
unanticipated events, except as may be required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200121006067/en/
Investor Inquiries: Ryan Dercho, Ph.D. (604) 678-1388
ir@zymeworks.com
Tiffany Tolmie (604) 678-1388 ir@zymeworks.com
Media Inquiries: Kavita Shah, Ph.D. (604) 678-1388
media@zymeworks.com
Zymeworks (NYSE:ZYME)
Historical Stock Chart
From Aug 2024 to Sep 2024
Zymeworks (NYSE:ZYME)
Historical Stock Chart
From Sep 2023 to Sep 2024