Former AstraZeneca oncology head to help All Blue in Zymeworks takeover bid

(Reuters) - Investment firm All Blue Capital would be advised by Alan Barge, former oncology head at British drugmaker AstraZeneca Plc, in its bid to acquire drug developer Zymeworks Inc, according to a press statement seen by Reuters.

All Blue late last month approached Vancouver, Canada-based Zymeworks, which is developing antibody therapies for cancer, with a $773 million acquisition offer.

Barge recently joined All Blue as oncology drug development advisor and would assist the firm in "reversing the value-destructive measures" that Zymeworks implemented over the past twelve months, according to the statement.

"I have worked closely with the team in developing a business plan for Zymeworks that can create superior value," Barge said in the statement.

Upon successful completion of the deal, Barge would serve on Zymeworks' board, according to the statement.

All Blue is a technology-focused investment firm, whose investments include Airbnb, SpaceX and Lyft. It currently holds a small stake in Zymeworks.

(Reporting by Amruta Khandekar and Anirban Sen in Bengaluru; Editing by Shailesh Kuber)