- Zentalis Pharmaceuticals Inc (NASDAQ: ZNTL) will sell 953,834 common shares at $26.21 per share to Pfizer Inc (NYSE: NYSE:PFE) for $25 million.
- The offering is expected to close by April 29.
- Zentalis will use the proceeds to fund ongoing and planned clinical trials, including studies of ZN-c3 and ZN-d5, and for working capital and general corporate purposes.
- With prioritization of the clinical development of ZN-c3 and ZN-d5, budget reallocation, and Pfizer’s investment, the Company extends its current cash runway into Q1 2024.
- Related: Zentalis Pharma Posts Initial Clinical Data On Its Wee1 Inhibitor In Ovarian Cancer.
- Pfizer also expects to leverage its global development capabilities and expertise to enhance Zentalis’ clinical development program.
- Pfizer and Zentalis have agreed to collaborate to advance the clinical development of ZN-c3, a selective Wee1 inhibitor designed to induce synthetic lethality in cancer cells.
- Zentalis will maintain full economic ownership and control of ZN-c3 and the rest of its pipeline.
- In addition, Adam Schayowitz, Vice President & Medicine Team Group Lead for Breast Cancer, Colorectal Cancer, and Melanoma, Pfizer, will join Zentalis’ Scientific Advisory Board.
- Price Action: ZNTL shares are up 19% at $26 during the market session on the last check Wednesday.
Read at Benzinga