Kenneth Galbraith - Zymeworks - Public OfferingIn the spring of 2018, Prometic is given a median valuation of just under $6 BILLION (that's right, BILLION) by Morgan Stanley. Just about a year later, in April 2019, Prometic is acquired by Thomvest (through SALP) in a controversial deal worth just about $210 million.
On the closing of the transaction, Kenneth Galbraith is named CEO of Prometic, as Stefan Clulow,the representatibve of Thomvest ,states that the new ownership supports Galbraith in realizing his vision for the company.
Soon after Kenneth took over, the company raised money through a rights offering, money that would ultimately not be put to good use. His next decision would be to sell Prometic's ONLY profitable segment (Prometic Bioseparation), leaving a company in need of cash without any revenue genrator, and losing a big part of its identity.
Galbraith would only last just about a year and a half at Liminal, leaving the company citing "personal reasons". His departure was coincidently shortly after a controversial deal involving Fairhaven pharmaceutical was brought up, exposing Liminal buying out Fairhaven Pharmaceutical, a company he was the CEO of until his hiring at Liminal (Prometic).
Liminal's (Prometic) market cap stands at just over $30 million today.
A $6 BILLION median value company in March 2018, acquired for $210 million just over a year later in April 2019, worth just over $30 million in 2022. What is Mr Galbraith going to do to Zymeworks?
First things first, a public offering to raise money. WASH, RINSE, REPEAT.
Zymeworks Announces Proposed Public Offering (yahoo.com) NOTES: No mention of Mr. Galbraith's passage at Prometic (Liminal) in the Zymeworks news release, and no mention of his history with Mr Klompas who was elected to the board of director of Liminal while Galbraith was CEO...