As its slide stretch­es in­to a sec­ond year, Zymeworks faces takeover bid

Zymeworks’ new CEO Ken­neth Gal­braith has vast­ly re­made the near­ly 20-year-old biotech in the few short months he’s run the show. But his ef­forts to turn things around have ap­par­ent­ly ruf­fled some feath­ers.

All Blue Fal­cons, a rough­ly 5% share­hold­er in Zymeworks, sent the biotech’s board an un­so­licit­ed takeover bid late Thurs­day hop­ing to take the com­pa­ny pri­vate for about $773 mil­lion. The of­fer val­ues Zymeworks stock $ZYME at $10.50 per share, close to a 116% pre­mi­um over Wednes­day’s clos­ing price of $4.88.

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