Zenas BioPharma Tumble on Pricing of Convertible-Note, Stock Public Offerings

Dow Jones03-28

By Elias Schisgall

Shares of Zenas BioPharma continued to slide after the company said it would raise $200 million through a convertible senior note sale and sell 5 million shares at $20 a share in a public offering.

The stock fell 19%, to $18.01, midday Friday, but has more than doubled in value over the past year.

The company said Friday that it expects to net about $287.5 million collectively from the two transactions, which would support its development pipeline and the planned commercial launch of obexelimab to treat the inflammatory condition IgG4-RD, if approved.

Zenas announced the transactions after the market closed on Thursday. Shares slipped 9.8% in after-hours trading following the announcement.

The company said the underwriters of the public offering have a 30-day option to buy up to 750,000 shares at the same price.

It is selling unsecured, senior notes with a 2.5% interest rate and a maturity date of April 1, 2032.

Jefferies, Evercore ISI, Citigroup, and Guggenheim Securities are acting as joint book-running managers for both transactions, while Wedbush PacGrow is acting as co-manager.

Both transactions are expected to close on March 31.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

March 27, 2026 12:03 ET (16:03 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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