ALL BLUE CAPITAL ANNOUNCES LEADERSHIP TO SUPPORT PROPOSED ACQUISITION OF ZYMEWORKS, INC.
On May 3, 2022, All Blue Capital announced that Dr. Alan Barge, an expert in oncology and biopharmaceutical drug development, will serve as an advisor during their proposed acquisition of Zymeworks (NYSE: ZYME). All Blue has proposed acquiring Zymeworks for $10.50 per share, totaling approximately $773 million in equity value. The aim is to reverse Zymeworks' recent underperformance and enhance operational performance. Dr. Barge's extensive background, including his experience at AstraZeneca, is expected to contribute significantly to Zymeworks’ turnaround.
- Proposed acquisition at $10.50 per share provides immediate value for Zymeworks stakeholders.
- Dr. Barge's leadership and expertise can positively impact Zymeworks' operational turnaround.
- All Blue Capital's strong investment capabilities could lead to effective strategic changes.
- Zymeworks has experienced significant underperformance prior to the acquisition proposal.
- The company's recent value-destructive actions raise concerns among stakeholders.
Alan Barge, MD, Oncology and Biopharmaceutical Drug Development Expert, Former Head of Oncology at AstraZeneca, Recently Joined All Blue as Oncology Drug Development Advisor
Barge's Expertise and Focused Leadership to Foster Turnaround of Zymeworks' Operating Performance
DUBAI, United Arab Emirates, May 3, 2022 /PRNewswire/ -- All Blue Capital ("AB"), a global investment firm, today announced that biopharmaceutical industry leader and expert, Alan Barge, MD, has agreed to advise the firm as Oncology Drug Development Advisor. In this capacity, Dr. Barge is prepared to provide the expertise, focused leadership and business acumen necessary to support AB's recent proposal to acquire Zymeworks, Inc. (NYSE: ZYME), a clinical-stage biotechnology company, with the goal of reversing the value-destructive measures that Zymeworks and its board of directors implemented over the past 12 months. Following a successful completion of the transaction, Dr. Barge would serve on Zymeworks' board, adding additional value to AB's current offer.
"Alan's exceptional breadth and depth of expertise in oncology, drug development and commercialization has greatly expanded All Blue's capabilities in the biopharmaceutical industry," said Matt Novak, Managing Partner, All Blue Capital. "Alan has already made invaluable contributions during the short time he has been in consultation with the All Blue team, and I have the utmost confidence that he can deliver value to Zymeworks."
"All Blue Capital is a dynamic team, and has put together a world class scientific team with expertise in oncology and drug manufacturing, who are committed to the growth and development of the biopharmaceutical industry, and I am appreciative of the opportunity to become part of the firm. I have worked closely with the team in developing a business plan for Zymeworks that can create superior value. I look forward to contributing my expertise to help put Zymeworks back on track," said Dr. Barge.
Dr. Barge has unmatched expertise in oncology and biopharmaceutical drug development and commercialization. He joined AB after founding Carrick Therapeutics in the UK, which focused on early-stage oncology assets, and co-founding ASLAN Pharmaceuticals, a Singapore-based biopharmaceutical company that focuses on Asia-related cancers. Earlier in his career, Dr. Barge served as Vice President of Clinical and Head of Oncology and Infection at AstraZeneca, where he was responsible for building and managing a large development group and executing AstraZeneca's oncology portfolio globally. He also served as European Medical Director at Amgen. Dr. Barge trained in medicine at Oxford and London, and specialized in hematology and oncology, completing research and clinical fellowships in Seattle in 1990.
On April 28, AB submitted a proposal to acquire
About All Blue
AB is a global investment firm that manages multiple alternative asset classes, including private equity, real estate, blockchain and hedge funds. Leveraging the strength of the team's global presence and through its strategic network of partners, AB is able to take advantage of differentiated investment opportunities across asset classes, industries and geographies. AB's focus on its core values of entrepreneurialism, innovation, and institutionalization has led to a history of delivering excellent risk-adjusted returns.
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SOURCE All Blue Capital
FAQ
What is the proposed acquisition price for Zymeworks by All Blue Capital?
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