Zymeworks' IPO raises $80 mln, greenshoe option to come

Vancouver-based biotherapeutics provider Zymeworks Inc (NYSE, TSX: ZYME) has wrapped up its initial public offering in Canada and the United States, raising about $80 million (US$58.5 million). Zymeworks has granted underwriters an over-allotment option to purchase additional shares, which may bring the total to more than $110 million. The proceeds will be used to further advance the company's pipeline of product candidates and increase liquidity. Founded in 2003, Zymeworks is backed by multiple venture capital and strategic investors, including BDC Capital, Celgene, CTI Life Sciences Fund, Eli Lilly & Co and Lumira Capital.

CanadaNorth AmericaBriefs