Zenas licenses three autoimmune candidates from InnoCare; raises $120M in PIPE

Zenas BioPharma, Inc.

License grants Zenas rights to orelabrutinib (BTK inhibitor) for MS globally and non-oncology indications outside Greater China & SE Asia.
Also obtains worldwide rights to ZB021 (oral IL-17AA/AF inhibitor) and ZB022 (brain-penetrant TYK2 inhibitor) excluding Greater China & SE Asia.
Upfront consideration: $35M cash + 5M shares (~10.6% of ZBIO outstanding); additional near-term milestones up to $65M cash + 2M shares.
Potential milestones total up to $1.4B across orelabrutinib ($723M), ZB021 ($656M), and ZB022 ($656M); royalties range high-single to high-teens.
PIPE raises ~$120M gross at $19.00 (institutional) and $20.85 (directors/officers) per share; estimated pro forma cash $302M (Sept 30, 2025) funds ops into Q4 2026.

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