Zymeworks, an early-stage biotech developing antibodies that target HER2 tumors, announced terms for its IPO on Monday.
The Vancouver, Canada-based company plans to raise $65 million by offering 4.5 million shares at a price range of $13 to $16. Insiders intend to purchase $42 million worth of shares in the offering (64% of the IPO). At the midpoint of the proposed range, Zymeworks would command a fully diluted market value of $361 million.
The company is backed by Eli Lilly (NYSE: LLY) and Celgene (Nasdaq: CELG).
Zymeworks was founded in 2003 and booked $11 million in revenue for the 12 months ended December 31, 2016. It plans to dual list on the NYSE and Toronto Stock Exchange under the symbol ZYME. Citi, Barclays and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 24, 2017.
