Zymeworks prices US $58.5M IPO and trades on NYSE, TSX

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By Ted Liu

Zymeworks Inc (NYSE/TSX: ZYME), a clinical-stage biopharmaceutical company focused on the treatment of cancer, has priced its proposed initial public offering (IPO) of 4,500,000 common shares at US $13 per share, the low end of US $13-16 range, for gross proceeds of US $58.5 million. (all figures in US dollars).

Zymeworks stock has commenced trading on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). Its stock opened on NYSE at $13.50 and last traded at $13.094 as at 12:18 PM EDT on April 28, 2017.

Citigroup Global Markets Canada Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Canaccord Genuity Corp. is acting as lead manager. Cormark Securities Inc. is acting as co-manager. MTS Securities, LLC served as financial advisor to Zymeworks in the offering.

Zymeworks major shareholder include Eli Lilly (17.5%, pre-IPO), CTI Life Sciences Fund (14.6%), Ian Ihnatowycz (8.5%, through Advanced Biotechnologies Venture Fund (VCC) and First Generation Capital), and Celgene (6.1%). Other shareholders include Fonds de solidarité, Titan-Perc Ltd., Teralys Capital, Northleaf Venture Catalyst Fund, Brazyme LLC, Merlin Nexus, and MTS Securities.

photo credit: Zymeworks