Zymeworks adds a classic poison pill defense to the armory as the biotech's board battles hostile takeover

Zymeworks $ZYME is pulling out all the stops as it looks to wriggle out of a hostile takeover effort.

A few days ago, Zymeworks CEO Kenneth Galbraith told Endpoints News at ASCO that he was shopping for a major league partner to help carry their lead drug — zanidatamab — into the market, looking to brighten perceptions of its prospects after its share price was mauled and a discount buyer named All Blue Capital came calling. And at the end of the week, the board adopted a poison pill defense aimed at sickening All Blue’s takeover attempt at a modest price offering.