Pfizer Injects $25M Via Equity In Zentalis Pharma

Zentalis Pharmaceuticals Inc ZNTL will sell 953,834 common shares at $26.21 per share to Pfizer Inc 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.