Zymeworks (ZYME) Confirms Receipt of Unsolicited, Non-Binding Proposal from All Blue Falcons
POTENTIAL DEAL DETAILS
|Type||Unsolicited Bid||Acquiring Company/Person||
All Blue Falcons FZE|
Zymeworks Inc. (ZYME), a clinical-stage biopharmaceutical company developing next-generation multifunctional biotherapeutics, 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.
May 3, 2022: Investment firm All Blue Capital would be advised by Alan Barge, former oncology head at British drugmaker AstraZeneca Plc (AZN), in its bid to acquire drug developer Zymeworks Inc (ZYME)
May 20, 2022: Zymeworks Inc. (ZYME), announced that its Board of Directors, after thorough consultation with its financial and legal advisors, unanimously determined that the unsolicited, opportunistic, non-binding proposal from an activist shareholder, All Blue Falcons FZE, and its affiliates to purchase Zymeworks for $10.50 per share substantially undervalues Zymeworks and is not in the best interest of the Company and its shareholders.
June 10, 2022: Zymeworks Inc. (ZYME), announced that its board of directors has adopted a limited-duration shareholder rights plan.
The Board adopted the Rights Plan in response to the unsolicited, non-binding proposal by All Blue Falcons FZE to acquire Zymeworks and All Blue’s continued share accumulations.
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