Pfizer nabs discounted stake in Zentalis after AACR22 data left the biotech bruised
After a disappointing data release at AACR battered its stock, Zentalis Pharmaceuticals is looking to rebound with a seven-figure equity investment from a pharmaceutical company.
The biotech has agreed to sell $25 million in stock to Pfizer, good for nearly 1 million shares priced at $26.21 apiece. The common shares were offered to Pfizer in a registered direct offering, which is expected to close on April 29. Pfizer exec Adam Schayowitz, who leads the breast cancer, colorectal cancer and melanoma teams at Pfizer, will join Zentalis’ scientific advisory board as well.
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