Zenas BioPharma Proposes 2032 Convertible Notes and Common Stock Offerings with 15% Option
Zenas BioPharma launched underwritten public offerings of convertible senior notes due April 1, 2032 and common shares, each with a 30-day option to sell up to 15% additional securities. Net proceeds will fund the U.S. launch of obexelimab for IgG4-RD, ongoing orelabrutinib Phase 3 MS trials and ZB021 development.
1. Offering Details
Zenas BioPharma commenced underwritten offerings of convertible senior notes due April 1, 2032 and common stock, each carrying a 30-day option for underwriters to purchase up to 15% additional securities. The two offerings are independent; one may close without the other and final sizes and terms remain subject to market conditions.
2. Intended Use of Proceeds
Net proceeds from the convertible notes and equity offerings are earmarked for the planned U.S. commercial launch of obexelimab for IgG4-RD, advancement of orelabrutinib Phase 3 trials in progressive multiple sclerosis and ZB021 Phase 1/2 development, as well as working capital and general corporate purposes.
3. Underwriting and Conditions
Jefferies, Evercore ISI, Citigroup and Guggenheim Securities serve as joint book-running managers for both offerings with Wedbush PacGrow as co-manager. Each offering is conditional on market and other factors, with no guarantee of completion or specific terms until final pricing.