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Benzinga
Benzinga
Technology
Vandana Singh

Pfizer Injects $25M Via Equity In Zentalis Pharma

  • Zentalis Pharmaceuticals Inc (NASDAQ:ZNTL) will sell 953,834 common shares at $26.21 per share to Pfizer Inc (NYSE:PFEfor $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.
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