Zymeworks Inc. (NYSE: ZYME), a clinical stage biopharmaceutical
company developing multifunctional biotherapeutics
(“Zymeworks” or the “Company”), announced today the
closing of its previously announced underwritten public offering
(the “Offering”). The Offering consisted of 5,824,729 common
shares, including the exercise in full of the underwriters’
over-allotment option to purchase 900,000 additional shares, and,
in lieu of common shares, to a certain investor, pre-funded
warrants to purchase up to 1,075,271 common shares. The common
shares were offered at a price to the public of US$46.50 per common
share and the pre-funded warrants were offered at a price of
US$46.4999 per pre-funded warrant, for aggregate gross proceeds to
the Company of approximately US$320.8 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. acted as active bookrunners for the Offering. Stifel, Nicolaus
& Company, Incorporated and Wells Fargo Securities Canada, Ltd.
acted as bookrunners and Raymond James Ltd. acted as lead
manager.
The securities described above were offered in Canada pursuant
to Zymeworks’ final prospectus supplement, dated January 22, 2020
(the “Canadian Supplement”), to its Canadian final base
shelf prospectus, dated November 18, 2019 (the “Base Prospectus”),
and in the United States pursuant to Zymeworks’ final prospectus
supplement, dated January 22, 2020 (the “U.S. Supplement”,
together with the Canadian Supplement, the “Supplements”),
to its U.S. automatic shelf registration statement on Form S-3ASR,
including a prospectus dated November 5, 2019 (the “Registration
Statement”). The Supplements were filed in Canada and the
United States on January 23, 2020.
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 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 & Company, 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200127005409/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
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