ZymoGenetics Gets $79M in Stock Sale

ZymoGenetics, the Seattle-based biotech company, said today it has raised about $79 million after expenses from an underwritten stock offering. The company (NASDAQ: [[ticker:ZGEN]]) sold 14 million shares at $6 apiece, and also offered its underwriters a 30-day option to buy another 2.1 million shares. Leerink Swann was the sole book-running manager of the offering, while Wedbush Morgan Securities, William Blair & Co., Canaccord Adams, and McAdams Wright Ragen served as co-managers. The price represents an 11 percent discount for investors from yesterday’s close of $6.77 a share. ZymoGenetics had about $103 million of cash and investments on hand as of the end of September, its most recent financial report.

Author: Luke Timmerman

Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.