
Longtime Zymeworks CEO, co-founder Tehrani hits the exit in favor of serial biotech entrepreneur
After a down year, biopharma writ large is looking for a breath of fresh air — and now the winds of change have hit oncology bispecifics player Zymeworks.

Ali Tehrani, a co-founder of Zymeworks who has been the biotech’s CEO since 2003, has resigned from his position and will be replaced by Ken Galbraith, a serial biotech entrepreneur and former board member, the company said Wednesday.
Tehrani will take on an advisory role with the company once his tenure formally ends Feb. 1 to help aid in the transition for Galbraith’s leadership turn. Meanwhile, board chair Lota Zoth will be moved into an independent director role in conjunction with the shakeup.
Shares in $ZYME were trading down around 7% on the news early Thursday.
In both a press release and concurrent SEC filing, Zymeworks released no further details on the reasons for Tehrani’s departure. He and his company came to terms on a severance deal that will include a $889,683 lump sum payment as well as a remaining annual bonus and benefits. His advisory contract is set to end in September 2023.
Meanwhile, Galbraith will take the reins at a biotech that has been gung-ho in its efforts to rein in a suite of Big Pharma partners and recently flashed some promising data for its bispecific HER2-targeted antibody, dubbed zanidatamab, at this year’s ESMO.
Galbraith has floated in and out of biotech leadership roles for years, most recently serving as executive-in-residence at Syncona since April and as a managing partner at Five Corners Capital, which he cofounded back in 2013. Other stops on his lengthy résumé include CEO of Liminal BioSciences between April 2019 and November 2020, CEO of Fairhaven Pharmaceuticals from June 2017 to April 2019, and even as a Zymeworks board member from 2009 to 2013.
Galbraith had this to say about his appointment:
I have long believed in the potential of innovative technology platforms to generate novel multispecific antibodies and antibody-drug conjugates and transform the treatment of cancer. Zymeworks’ innovative approach, technology platforms and emerging product pipeline represent a tremendous opportunity, and I look forward to leading the Company during this exciting period of innovation in cancer therapies. This year, we expect to progress our two ongoing pivotal clinical studies for zanidatamab, present important new data for zanidatamab and ZW49 to inform additional clinical development opportunities, further advance our preclinical product pipeline and gain insights from our pharmaceutical partners’ programs as they advance into and through clinical development.
Galbraith will be due a $600,000 annual salary plus stocks and options, with the option for an annual bonus worth up to 60% of that salary figure.