Zentalis Pharmaceuticals Stock Gains 14% On Equity Investment From Pfizer

Shares of Zentalis Pharmaceuticals, Inc. (ZNTL) gained nearly 14% on Wednesday morning after the clinical-stage biopharmaceutical company announced a $25 million equity investment from Pfizer Inc. (PFE). Both the companies also plan to jointly advance the clinical development of ZN-c3, a selective Wee1 inhibitor designed to induce synthetic lethality in cancer cells.

ZNTL is currently trading at $24.87, up $3.03 or 13.87%, on the Nasdaq, on a volume of 1.1 million shares, above average volume of 0.5 million. The stock had opened its trading at $24.31 after closing Tuesday’s trading at $21.84. The stock has traded between $21.18 and $87.19 in the past 52-week period.

Zentalis agreed to sell 953,834 of its common shares at a price of $26.21 per share to Pfizer for proceeds of $25.0 million.

The proceeds will help fund ongoing and planned clinical trials, including studies of ZN-c3, its Wee1 inhibitor, and ZN-d5, its BCL-2 inhibitor, and for working capital and general corporate purposes.

With prioritization of the clinical development of ZN-c3 and ZN-d5, budget reallocation and Pfizer’s investment.

Both the company have entered into an agreement to collaborate to advance the clinical development of ZN-c3, a selective Wee1 inhibitor designed to induce synthetic lethality in cancer cells.

Adam Schayowitz, Vice President & Medicine Team Group Lead for Breast Cancer, Colorectal Cancer and Melanoma, Pfizer, to join Zentalis’ Scientific Advisory Board.

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