VANCOUVER - Zymeworks Inc . (NASDAQ:ZYME), a biotech firm focused on developing biotherapeutics for challenging diseases, announced the appointment of Dr. Alessandra Cesano to its board of directors, effective February 8, 2024. Dr. Cesano, with over 25 years of experience in drug development and cancer immunology, replaces Dr. Kenneth Hillan, who has concluded a seven-year tenure.
Dr. Cesano's extensive background includes roles as Chief Medical Officer at ESSA Pharmaceuticals and NanoString Technologies, with prior positions at Amgen Inc (NASDAQ:AMGN)., Biogen Inc (NASDAQ:BIIB)., and SmithKline Beecham Pharmaceuticals. Her expertise has contributed to the advancement of several oncology drugs to FDA approval. In addition to her new role at Zymeworks, Dr. Cesano serves on the boards of Puma Biotechnology (NASDAQ:PBYI) and Summit Therapeutics (NASDAQ:SMMT) and as an associate editor for the Journal for ImmunoTherapy of Cancer.
Zymeworks' CEO, Kenneth Galbraith, expressed confidence that Dr. Cesano's insights will be invaluable for the company's evolving pipeline of antibody-drug conjugates and multispecific antibodies. The company also acknowledged Dr. Hillan's significant contributions during his service on the board.
Dr. Cesano will join other recent appointees to the board, including Mr. Derek Miller, Mr. Carlos Campoy, and Dr. Nancy Davidson, as part of a broader refreshment of the company's governance. She will also serve on the research and development committee and nominating and corporate governance committee, with Mr. Miller chairing the latter.
Zymeworks is currently advancing zanidatamab, a HER2-targeted bispecific antibody, through global clinical trials as a potential treatment for HER2-expressing cancers. The company has also established partnerships with BeiGene (NASDAQ:BGNE), Ltd. and Jazz Pharmaceuticals (NASDAQ:JAZZ) Ireland Limited for the development and commercialization of zanidatamab in various territories.
This news is based on a press release statement.
InvestingPro Insights
In the dynamic landscape of biotech firms, Zymeworks Inc.'s recent board appointment is a strategic move to enhance its expertise in drug development. The company's collaboration with Jazz Pharmaceuticals Ireland Limited is of particular interest, given Jazz's strong financial metrics and market position. According to InvestingPro data, Jazz Pharmaceuticals boasts an adjusted market capitalization of $7.72 billion, reflecting its substantial presence in the industry. Additionally, Jazz's gross profit margin for the last twelve months as of Q3 2023 stands at an impressive 91.92%, underscoring the company's efficiency in generating profit from its revenues.
Moreover, Jazz Pharmaceuticals is trading at a low P/E ratio relative to near-term earnings growth, with an adjusted P/E ratio of 10.19 for the same period. This indicates that the stock may be undervalued considering its earnings potential. An InvestingPro Tip highlights that Jazz's management has been aggressively buying back shares, which can be a positive signal of the company's confidence in its future performance. It's also worth noting that analysts predict Jazz will be profitable this year, reinforcing the potential upside for Zymeworks in its partnership with the company.
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