After announcing plans to raise $110 million CAD in an initial public offering (IPO) last week, Vancouver-based Zymeworks announced that it has raised $79.7 million CAD ($58 million USD) in its IPO from the sale of 4.5 million common shares at $17 CAD ($13 USD) per unit.
Citigroup Global Markets Canada, Barclays Capital, and Wells Fargo Securities are acting as joint book-running managers for the offering, with Canaccord Genuity acting as lead manager, and Cormark Securities acting as co-manager. MTS Securities served as Zymeworks’ advisor in the offering.
Zymeworks is a biotherapeutics company that develops protein therapeutics for the treatment of cancer, autoimmune, and inflammatory diseases. The company plans to use the funding to further develop and manufacture its two lead cancer drug candidates and finance its clinical trials.
In January 2016, Zymeworks raised $87 million CAD to support clinical development of its lead therapeutic candidates. It was among the top five deals last year. In April that 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.