All Blue Capital said in a regulatory filing late Thursday that it has made a non-binding offer of US$10.50 cash per share for the Vancouver-based biotech company, which develops antibody therapies. (Reuters)

Talking point: The offer is 116 per cent above the prior day’s closing price of US$4.86. The company’s shares were up about 23 per cent Friday. People familiar with the matter told Reuters it’s not certain Zymeworks will negotiate a deal—it engaged unsuccessfully with possible buyers last year—but the company said its board will review the proposal. Zymeworks, which saw its shares lose about 84 per cent of their market value over 12 months, saw “a number of serious missteps by an unfocused leadership with no clear strategy for improving performance,” All Blue said in the filing. In January, the company’s new CEO announced he would lay off at least one quarter of the company’s staff.