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Zymeworks to cut headcount at least 25% by end of 2022

By Brian Buntz | January 20, 2022

ZymeworksSoon after taking the reins of Zymeworks (NYSE:ZYME), new Chair and CEO Kenneth Galbraith has decided to sharpen the company’s focus and reduce the firm’s headcount.

To free up cash, the company plans to lay off at least one-quarter of its staff, including 10 members (50%) of its senior management team.

The Vancouver–headquartered company also intends to execute clinical development programs for the HER2-targeted bispecific antibody zanidatamab and ZW49, a HER2-targeted antibody-drug conjugate.

Ken Galbraith

Ken Galbraith

In December, Zymeworks and its partner BeiGene (NSDQ:BGNE) announced the dosing of the first patient with zanidatamab in a South Korean study.

In the organizational shift, the company also intends to streamline its R&D activities while hunting for new potential partnerships and collaborations.

“Upon assuming my new role effective January 15th, we have moved quickly to review and confirm key strategic priorities for the near term and to establish a renewed, and smaller leadership team focused on accomplishing those priorities in a prompt, high-quality and cost-efficient manner,” CEO Kenneth Galbraith said in a statement.

The company’s stock fell 6.47% to $12.57 in late-morning trading.

On January 8, 2021, ZYME shares traded as high as $56.81.


Filed Under: clinical trials, Drug Discovery, Oncology
Tagged With: BeiGene, Kenneth Galbraith, Zymeworks
 

About The Author

Brian Buntz

As the pharma and biotech editor at WTWH Media, Brian has almost two decades of experience in B2B media, with a focus on healthcare and technology. While he has long maintained a keen interest in AI, more recently Brian has made making data analysis a central focus, and is exploring tools ranging from NLP and clustering to predictive analytics.

Throughout his 18-year tenure, Brian has covered an array of life science topics, including clinical trials, medical devices, and drug discovery and development. Prior to WTWH, he held the title of content director at Informa, where he focused on topics such as connected devices, cybersecurity, AI and Industry 4.0. A dedicated decade at UBM saw Brian providing in-depth coverage of the medical device sector. Engage with Brian on LinkedIn or drop him an email at bbuntz@wtwhmedia.com.

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