Zenas BioPharma Prices $300M in Public Offerings

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Zenas BioPharma, a clinical-stage biopharmaceutical company, announced the pricing of concurrent public offerings of $200 million in convertible senior notes due 2032 and 5 million shares of common stock at $20 per share, raising a total of $300 million in gross proceeds. The company plans to use the funds to support the potential U.S. launch of its lead drug candidate obexelimab and advance its pipeline, including ongoing trials for orelabrutinib and ZB021.

Why it matters

The capital raise will provide Zenas BioPharma with the resources to accelerate development of its autoimmune disease pipeline and prepare for the potential commercialization of its lead asset obexelimab, if approved. As a clinical-stage company, securing this level of funding is crucial to advancing its novel therapies that aim to address unmet needs for patients living with autoimmune conditions.

The details

Zenas BioPharma priced $200 million in convertible senior notes due 2032 that will pay 2.5% interest annually. The notes have an initial conversion price of $26.50 per share, representing a 32.5% premium over the $20 per share price of the concurrent 5 million share common stock offering. Zenas also granted underwriters 30-day options to purchase up to an additional $30 million in notes and 750,000 common shares. The company expects net proceeds of approximately $287.5 million after discounts and expenses.

• The offerings are expected to close on March 31, 2026.
• The convertible notes will mature on April 1, 2032 unless earlier converted, redeemed or repurchased.

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