Zymeworks (ZYME) Stock: Why The Price Surged Over 30%

By Amit Chowdhry ● Apr 29, 2022
  • The stock price of Zymeworks Inc. (NYSE: ZYME) increased by over 30% pre-market today. This is why.

The stock price of Zymeworks Inc. (NYSE: ZYME) – a clinical-stage biopharmaceutical company developing next-generation multifunctional biotherapeutics – increased by over 30% pre-market today. Investors are responding positively to Zymeworks confirming it has received an unsolicited non-binding proposal from All Blue Falcons FZE (ABF) and its affiliates to purchase the company for $10.50 per share in cash. The $10.50 per share in cash represents a 116% premium to the closing price yesterday and the deal value is $773 million.

The Zymeworks board of directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Zymeworks shareholders. And the board reminds shareholders that no formal offer has been made by ABF, and as such there is no need for Zymeworks shareholders to take any action at this time. If a formal offer is made, it will be reviewed by the board with its advisors, and a formal recommendation by the board will be made to shareholders in due course.

Kingsdale Advisors is acting as strategic shareholder and communications advisor to Zymeworks. Blake, Cassels & Graydon LLP and Wilson Sonsini Goodrich & Rosati are acting as counsel to the company.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.