Zymeworks gets unsolicited takeover bid
Canada-based biotech Zymeworks (NYSE: ZYME) late yesterday confirmed 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, or some $773 million in total.
Based in Dubai, All Blue Falcons is an investment management company with an around 6% ownership in Zymeworks, and news of the offer pushed Zymeworks’ shares up more than 44% to $7.15 in after-hours trading in Thursday.
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. 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.
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