Zymeworks Announces Share Repurchase Program of up to $60 Million of its Common Stock
01 Agosto 2024 - 3:10PM
Zymeworks Inc. (Nasdaq: ZYME) (the “Company”), a clinical-stage
biotechnology company developing a diverse pipeline of novel,
multifunctional biotherapeutics to improve the standard of care for
difficult-to-treat diseases, today announced that its Board of
Directors has authorized a Share Repurchase Program under which the
Company may repurchase up to $60.0 million of the Company’s
outstanding common stock, par value $0.00001 per share. Zymeworks
intends to commence the Share Repurchase Program with $30.0 million
in initial repurchases anticipated to begin promptly and continue
during the second half of 2024, demonstrating the Company’s
near-term commitment to returning capital to stockholders.
Zymeworks intends to reserve the remaining $30.0 million for future
repurchases, ensuring flexibility to adapt to market conditions and
growth opportunities.
“Our decision to undertake a Share Repurchase Program reflects
our confidence in the future outlook of our business, the strength
of our pipeline, and our commitment to delivering value to our
stockholders,” said Kenneth Galbraith, Chair and Chief Executive
Officer of Zymeworks. “This strategic initiative allows us to
efficiently use our excess capital and support our undervalued
stock price, while maintaining flexibility to pursue additional
growth opportunities as they arise.”
The program will be funded through the Company’s strong balance
sheet, leveraging its financial capacity to repurchase shares. The
shares may be repurchased from time to time in open market
transactions, or other means in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Rule 10b-18 of the Exchange Act. The timing, number of shares
repurchased, and prices paid for the shares under this program will
depend on general business and market conditions as well as
corporate and regulatory limitations, prevailing stock prices, and
other considerations. The Share Repurchase Program may be suspended
or discontinued at any time and does not obligate the Company to
acquire any amount of common stock.
About Zymeworks Inc. Zymeworks is a global
clinical-stage biotechnology company committed to the discovery,
development, and commercialization of novel, multifunctional
biotherapeutics. Zymeworks’ mission is to make a meaningful
difference in the lives of people impacted by difficult-to-treat
cancers and other diseases. The Company’s complementary therapeutic
platforms and fully integrated drug development engine provide the
flexibility and compatibility to precisely engineer and develop
highly differentiated antibody-based therapeutic candidates.
Zymeworks engineered and developed zanidatamab, a HER2-targeted
bispecific antibody using the Company’s proprietary Azymetric™
technology. Zymeworks has entered into separate agreements with
BeiGene, Ltd. (BeiGene) and Jazz Pharmaceuticals Ireland Limited
(Jazz), granting each exclusive rights to develop and commercialize
zanidatamab in different territories. Zanidatamab is currently
being evaluated in multiple global clinical trials as a potential
best-in-class treatment for patients with HER2-expressing cancers.
A Biologics License Application (BLA) to the U.S. Food and Drug
Administration (FDA) seeking accelerated approval for zanidatamab
as a treatment for previously-treated, unresectable, locally
advanced, or metastatic HER2-positive biliary tract cancer (BTC)
has been accepted and granted Priority Review. A BLA has also been
accepted for review by the Center for Drug Evaluation (CDE) of the
National Medical Products Administration (NMPA) in China. If
approved, zanidatamab would be the first HER2-targeted treatment
specifically approved for BTC in the U.S. and China. Zymeworks is
rapidly advancing a deep pipeline of product candidates based on
its experience and capabilities in both antibody-drug conjugates
and multispecific antibody therapeutics across multiple novel
targets in indications that represent areas of significant unmet
medical need. In addition to Zymeworks’ wholly owned pipeline, its
therapeutic platforms have been further leveraged through strategic
partnerships with global biopharmaceutical companies. For
information about Zymeworks, visit www.zymeworks.com and follow
@ZymeworksInc on X.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes “forward-looking statements” or
information within the meaning of the applicable securities
legislation, including Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements in this press release
include, but are not limited to, statements that relate to
Zymeworks’ ability to execute the Share Repurchase Program, in
whole or in part; expected timing and amount of repurchases;
Zymeworks’ ability to pursue its business objectives following
repurchases under the Share Repurchase Program; the potential
addressable market of Zymeworks’ product candidates; Zymeworks’
development of its product candidates; the timing and status of
ongoing and future studies and the related data; expectations and
timing regarding future regulatory filings and approvals; the
timing of and results of interactions with regulators; potential
safety profile and therapeutic effects of zanidatamab and
Zymeworks’ other product candidates; the commercial potential of
technology platforms and product candidates and other information
that is not historical information. When used herein, words such as
“plan”, “believe”, “expect”, “may”, “continue”, “anticipate”,
“potential”, “will”, “progress”, and similar expressions are
intended to identify forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking. All forward-looking
statements are based upon Zymeworks’ current expectations and
various assumptions. Zymeworks believes there is a reasonable basis
for its expectations and beliefs, but they are inherently
uncertain. Zymeworks may not realize its expectations, and its
beliefs may not prove correct. Actual results could differ
materially from those described or implied by such forward-looking
statements as a result of various factors, including, without
limitation: Zymeworks may not be able to execute the Share
Repurchase Program, in whole or in part; the anticipated benefits
of the Share Repurchase Program may not be realized; any of
Zymeworks’ or its partners’ product candidates may fail in
development, may not receive required regulatory approvals, or may
be delayed to a point where they are not commercially viable;
Zymeworks may not achieve milestones or receive additional payments
under its collaborations; regulatory agencies may impose additional
requirements or delay the initiation of clinical trials; the impact
of new or changing laws and regulations; market conditions; the
impact of pandemics and other health crises on Zymeworks’ business,
research and clinical development plans and timelines and results
of operations, including impact on its clinical trial sites,
collaborators, and contractors who act for or on Zymeworks’ behalf;
clinical trials may not demonstrate safety and efficacy of any of
Zymeworks’ or its collaborators’ product candidates; Zymeworks’
assumptions and estimates regarding its financial condition, future
financial performance and estimated cash runway may be incorrect;
inability to maintain or enter into new partnerships or strategic
collaborations; and the factors described under “Risk Factors” in
Zymeworks’ quarterly and annual reports filed with the Securities
and Exchange Commission (copies of which may be obtained at
www.sec.gov and www.sedar.com).
Although Zymeworks believes that such forward-looking statements
are reasonable, there can be no assurance they will prove to be
correct. Investors should not place undue reliance on
forward-looking statements. The above assumptions, risks and
uncertainties are not exhaustive. Forward-looking statements are
made as of the date hereof and, except as may be required by law,
Zymeworks undertakes no obligation to update, republish, or revise
any forward-looking statements to reflect new information, future
events or circumstances, or to reflect the occurrences of
unanticipated events.
Contacts:
Investor Inquiries:
Shrinal InamdarDirector, Investor Relations(604)
678-1388ir@zymeworks.com
Media Inquiries:
Diana PapoveSenior Director, Corporate Communications(604)
678-1388media@zymeworks.com
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