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Zymeworks Rejects ‘Opportunistic’ Investor Takeover Bid

$773m Offer Is Double Current Value

 
• By Andrew McConaghie

Activist investor All Blue wants to mount a takeover, but the biotech’s board is holding out for encouraging pipeline news to help fight off the bid.

Vancouver
Zymeworks is headquartered in Vancouver, Canada. • Source: Shutterstock

The management of struggling biotech Zymeworks has rejected a $773m takeover bid from activist investor All Blue Capital, saying the “opportunistic” offer lacks credibility and undervalues the company.

The $10.50 per share cash offer represents more than double the biotech’s current market valuation, which has plunged by nearly...

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