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Latest From Zymeworks, Inc.
Activist investor All Blue wants to mount a takeover, but the biotech’s board is holding out for encouraging pipeline news to help fight off the bid.
There have been no biopharma initial public offerings in the US since 12 January while the industry’s valuations have plummeted by double digits since the start of 2022. Nevertheless, venture capital investment continues at a fast pace and there have been some follow-on public offerings.
Silicon Valley Bank data show a pullback in crossover financings but an increase in seed and series A venture capital rounds. In recent private company financings, CRO Novotech raised $760m. In public company financings, Eleusis will merge with a SPAC and the Bausch + Lomb IPO is on file with the SEC.
New Zymeworks CEO Ken Galbraith is laying off at least 25% of the company's staff, including 50% of the senior management team, as the firm looks to advance pivotal trials of its HER2-targeted bispecific antibody zanidatamab.
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