04:00 AM EDT, 03/27/2026 (MT Newswires) -- Zenas BioPharma ( ZBIO ) said Friday it priced a $200 million offering of 2.50% convertible senior notes due 2032 and a separate equity offering of 5 million shares at $20 per share.

The company said it expects combined net proceeds of about $287.5 million, after fees and expenses.

Underwriters have options to purchase up to an additional $30 million in notes and 750,000 shares, the company said, adding that both offerings are expected to close on March 31.

The notes will pay 2.50% interest and mature in April 2032, the company said. It added they are initially convertible at about $26.50 per share, representing a roughly 32.5% premium to the equity offering price.

Zenas said it plans to use proceeds to support the potential US launch of obexelimab for IgG4-related disease, fund late-stage trials of orelabrutinib for multiple sclerosis, advance ZB021, and for general corporate purposes.