Sell­ing shares at a dis­count, Zymeworks grabs $100M cash in hopes of turn­around

Biotech vet­er­an Ken­neth Gal­braith got the cash he wants to right the ship at Zymeworks — but not with­out some com­pro­mis­es.

The Van­cou­ver-based com­pa­ny re­vealed late Wednes­day that it’s raised $100 mil­lion in a pub­lic of­fer­ing that priced its shares at around $8, which was be­low its clos­ing price of $9.32 and marked a new low for a stock that once trad­ed above $50.

Zymeworks has been on a down­ward spi­ral since ear­ly 2021, even as it tried to get in­vestors ex­cit­ed about new da­ta around its HER2 bis­pe­cif­ic as well as mul­ti­func­tion­al an­ti­body plat­form more gen­er­al­ly.

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