NEW YORK – Zentalis Pharmaceuticals on Thursday announced an underwritten public offering of 11,032,656 shares of its common stock at $22.66 per share that is expected to raise gross proceeds of $250 million.
The New York-based firm will use the proceeds from the offering, slated to close June 20, to fund ongoing and planned clinical trials of its precision oncology drugs and for working capital and other general corporate purposes. It will fund operating expenses and capital expenditure requirements into 2026, according to the company.
The company's lead candidate, the WEE1 inhibitor azenosertib, is undergoing several clinical trials in ovarian, uterine, osteosarcoma, colorectal, and pancreatic cancers. Last year, Zentalis began a combination study of azenosertib plus Pfizer's Braftovi (encorafenib) and Eli Lilly's Erbitux (cetuximab) in BRAF V600E-mutated metastatic colorectal cancer.
Zentalis is also developing a BCL-2 inhibitor, ZN-d5, in non-Hodgkin's lymphoma and acute myeloid leukemia, along with a BCL-xL degrader in solid tumors and blood cancers.
Morgan Stanley, Jefferies, SVB Securities, and Guggenheim Securities are the joint bookrunning managers, and H.C. Wainwright is Zentalis' financial adviser for the offering.