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Zymeworks prices $85.1M stock offering to fund cancer program

Zymeworks Inc. priced a public offering of 5.4 million shares at $15.75 apiece to raise $85.1 million in gross proceeds.

The Canadian biopharmaceutical company intends to use the net proceeds to accelerate the development of its medicine ZW25 for cancer. The company recently reported results from an ongoing phase 1 study of the drug, which demonstrated anti-tumor activity in heavily pretreated patients across a range of HER2-expressing cancers.

The offering is expected to close June 11 with Citigroup Global Markets Canada Inc. and Wells Fargo Securities Canada Ltd. serving as joint book-running managers, Raymond James Ltd. as passive book runner and Paradigm Capital Inc. as co-manager.

The underwriters can buy up to an additional 810,000 common shares from the company.