Business
Zymeworks Announces Share Repurchase Program of up to $60 Million of its Common Stock
Zymeworks intends to commence the Share Repurchase Program with $30.0 million in initial repurchases anticipated to begin promptly and continue during the
About this update from Zymeworks Inc.
[{"type":"text","content":"Zymeworks intends to commence the Share Repurchase Program with $30.0 million in initial repurchases anticipated to begin promptly and continue during the second half of 2024\nVANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME) (the “Company”), a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today announced that its Board of Directors has authorized a Share Repurchase Program under which the Company may repurchase up to $60.0 million of the Company’s outstanding common stock, par value $0.00001 per share. Zymeworks intends to commence the Share Repurchase Program with $30.0 million in initial repurchases anticipated to begin promptly and continue during the second half of 2024, demonstrating the Company’s near-term commitment to returning capital to stockholders. Zymeworks intends to reserve the remaining $30.0 million for future repurchases, ensuring flexibility to adapt to market conditions and growth opportunities. “Our decision to undertake a Share Repurchase Program reflects our confidence in the future outlook of our business, the strength of our pipeline, and our commitment to delivering value to our stockholders,” said Kenneth Galbraith, Chair and Chief Executive Officer of Zymeworks. “This strategic initiative allows us to efficiently use our excess capital and support our undervalued stock price, while maintaining flexibility to pursue additional growth opportunities as they arise.” The program will be funded through the Company’s strong balance sheet, leveraging its financial capacity to repurchase shares. The shares may be repurchased from time to time in open market transactions, or other means in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-18 of the Exchange Act. The timing, number of shares repurchased, and prices paid for the shares under this program will depend on general business and market conditions as well as corporate and regulatory limitations, prevailing stock prices, and other considerations. The Share Repurchase Program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock. About Zymeworks Inc. Zymeworks i...