Zymeworks plans to raise $110 million from its IPO

zymeworks

Vancouver-based Zymeworks plans to raise $110 million from a sale of as many as 5.2 million common shares at $13 USD to $16 USD per unit, according to its recently-updated prospectus.

PE Hub Canada reports that this would give Zymeworks a market value of about $480 million at the midpoint of the issue’s proposed range, according to Renaissance Capital.

The biotherapeutics company develops protein therapeutics for the treatment of cancer and autoimmune and inflammatory diseases. In January 2016, the company raised $87 million CAD to support clinical development of Zymeworks’ lead therapeutic candidates. It was among the top five deals last year.

In April last year, Zymeworks received upfront and preclinical payments of almost $50 million from GlaxoSmithKline, and was eligible to receive up to $206 million in development and clinical milestone payments, along with commercial sales milestone payments of up to $980 million, and tiered royalties on potential sales.

Two weeks ago, Toronto-based Real Matters also filed to go public on the Toronto Stock Exchange. The last major VC-backed IPO was Shopify in 2015.

Photo via FierceBiotech

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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