Neoleukin Therapeutics, Inc. announced that it has engaged SVB Securities to assist in reviewing strategic alternatives for the company with the goal of maximizing shareholder value. Such alternatives may include a sale, merger, divestiture of assets, licensing or other strategic transaction. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. Neoleukin does not expect to disclose or provide an update concerning developments related to this process until the Company enters into definitive agreements or arrangements with respect to a transaction or otherwise determines that other disclosure is necessary or appropriate.

In connection with the evaluation of strategic alternatives, the board of directors of the company also approved a further corporate restructuring to preserve cash, including a reduction in the company's workforce by approximately 70%. Chief Executive Officer Jonathan Drachman, M.D., will also be stepping down after a short transition. The company expects this reduction in force to be completed during the first half of 2023.