The Vancouver-based biotech’s board of directors unanimously rejected the unsolicited proposal from activist shareholder All Blue Capital, saying it “substantially undervalues” the firm. (The Logic)

Talking point: The U.K investment firm made the offer of US$10.50 cash per share—up 116 per cent above the prior day’s close—in late April. Zymeworks said in a statement the offer “is not in the best interests of shareholders.” Zymework’s shares peaked around US$7 shortly after the proposal and have since traded around the US$5-mark. The company said it is focusing on developing two clinical-stage assets and its CEO Kenneth Galbraith said Zymeworks is “confident our plan will create significant long-term value for all shareholders.” Galbraith announced earlier this year the company would lay off at least one quarter of its staff by the end of 2022 as it focuses on cost efficiency.