Another C-suite change at Zymeworks was announced Monday, with the appointment of Paul Moore, Ph.D. as chief scientific officer.
Yet another C-suite change at Zymeworks was announced Monday, with the appointment of Paul Moore, Ph.D. as chief scientific officer. In January, Kenneth Galbraith took over the reins of the company and promptly cleaned house, removing 50% of the former senior management team with plans to cut employee headcount by at least 25% by the end of this year.
Moore will report directly to Galbraith and is expected to start on July 18. Moore was previously vice president, cell biology and immunology at MacroGenics, where he led a team of about 50 scientists developing antibody-based drugs. Prior to joining MacroGenics, he was director of cell biology at Celera. He holds a Ph.D. in molecular genetics from the University of Glasgow.
“Paul brings extensive experience in preclinical, translational and early clinical development of novel biologic-based therapeutics, and we are excited that he is joining Zymeworks in this key role at such an important stage of our company’s growth,” Galbraith said in a statement. “With zanidatamab and ZW49 progressing rapidly through clinical development, Paul will be instrumental in driving our scientific vision and determining our future product pipeline development strategy as the leader of our renewed Early Research and Development Group.”
Zanidatamab is a HER2-targeted bispecific antibody. At the American Society of Clinical Oncology (ASCO) Annual Meeting held earlier this month, Zymeworks presented data describing the drug in combination with chemotherapy and tislelizumab as a first-line therapy for advanced HER2-positive gastric/gastroesophageal junction adenocarcinoma (G/GJEC). In the 33 evaluable patients with advanced HER2-positive G/GJEC receiving the drugs in combination with the CAPOX chemotherapy regimen, the overall clinical response rate was 75.8%, the disease control rate was 100% and duration of response ranged from 2.1+ to 18.2+ months.
The second poster described zanidatamab in combination with docetaxel in HER2-positive breast cancer. In 21 evaluable patients with advanced HER2-positive breast cancer receiving the combination therapy, the overall response rate was 90.5%, with 78.9% demonstrating an ongoing response at the time of the data cut. The median follow-up was seven months, and the six-month progression-free survival rate was 95.2%.
ZW49 is a HER2-targeted antibody-drug conjugate (ADC) being evaluated in a Phase I trial for patients with locally advanced or metastatic HER2-expressing cancers that have progressed after treatment with existing approved therapies, including HER2-targeted drugs. The company said it combines the unique design of zanidatamab with a proprietary cytotoxin and cleavable linker. It delivers a novel auristatin to cancer cells by using the enhanced antibody-HER2 internalization of zanidatamab.
Of his appointment, Moore said, “I am very pleased to join Zymeworks and help in translating the transformative impact of our novel approach to antibody engineering to improve cancer treatment. I look forward to working collaboratively with my new colleagues and the Research Leadership Team to help write the next chapter of Zymeworks’ story by advancing novel, best-in-class ADC and multispecific product candidates and IND-enabling studies and beyond.”
Zymeworks has been under fire from one of its investors, All Blue Falcons, which made a bid of $10.50 per share for the company. The Board of Directors rejected the offer, saying that it “substantially undervalued” the company and wasn’t in the interest of its shareholders. The company described the bid as “unsolicited, opportunistic [and] non-binding” and said that it “lack(ed) credibility by offering no information regarding potential sources of funding or any details on the ability to consummate such a transaction.”
Earlier this month, the Board adopted a limited-duration shareholders rights plan in response to the acquisition attempt. It said the plan is “intended to enable all shareholders to realize the full value of their investment in Zymeworks,” and will decrease the likelihood that any company, person or group will take control of the company via open market accumulation without paying all shareholders an appropriate control premium.
Zymeworks has locations in Vancouver and Seattle. The plan will need to be approved in both U.S. and Canadian securities laws. However, less than 10% of outstanding common shares are held by shareholders in Canada. This means that Canadian securities laws associated with any formal offer by All Blue to take control would not be applicable and would fall under U.S. securities laws.
The plan does not prevent the Board from working with anybody that wants to acquire the company, but it believes this approach is in the best interests of the company and its shareholders. The Rights Plan will expire on June 8, 2023.
