Zenas BioPharma drops on convertible, equity offerings
Zenas BioPharma ZBIO.O shares down 9.8% post-market to $20 after capital raise news
Autoimmune disease specialist commences public offerings of 6-yr convertible bonds and common stock without disclosing deal sizes
Says intends to use net proceeds from both offerings, which are not conditioned upon each other, to support planned U.S. commercial launch of obexelimab, if approved, and advance its development pipeline
Jefferies, Evercore, Citigroup and Guggenheim Secs joint bookrunners
On Jan 5, ZBIO shares plunged 52% after obexelimab cut the risk of flare-ups in patients with immunoglobulin G4-related disease, but showed weaker-than-expected efficacy in a late-stage study
ZBIO stock closed down 0.1% at $22.16 on Thurs. Stock off 39% YTD after surging more than four-fold in 2025
Waltham, Massachusetts-based co has ~57.4 mln shares outstanding for ~$1.3 bln market cap
Avg rating of 8 analysts is "strong buy"; median PT $44.50, per LSEG data
