Zymeworks aims to raise $100M in public offering amid leadership shakeup

Zymeworks is looking to raise $100 million in a public offering, barely a week since new CEO Kenneth Galbraith took the reins of the biotech company, which has operations in Seattle and Vancouver, B.C. Last week, Galbraith announced workforce cuts and changes in leadership as the company focuses on a phase 3 trial for one of its anti-cancer agents and early clinical testing of another. The company priced shares yesterday at around $8, far below the high of more than $50 in January 2021. Zymeworks reported $250 million in cash, cash equivalents and short-term investments at the end of 2021. Shares were down more than 10% Thursday.