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# BlackRock Reports 5% Stake In Zenas BioPharma, 3.29 Million Shares
- URL: https://www.bullished.co/blackrock-reports-5-stake-in-zenas-biopharma-3-29-million-shares-d37e5068/
- Published: 2026-10-27T21:41:21.000Z
- Updated: 2026-11-05T20:03:28.000Z
- Description: The asset manager's passive ownership filing counts the shares as of September 30, with sole voting power over 3,226,537 of them.
- Author: Matteo Parrino
- Tags: SEC Filings, ZBIO, Industry: Healthcare

BlackRock holds [3,287,021 shares](https://www.sec.gov/Archives/edgar/data/0002012383/000201238326003867/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) of [Zenas BioPharma](https://www.bullished.co/tag/zbio/), or 5% of the common stock, according to a passive ownership filing (a Schedule 13G) submitted Tuesday. Zenas is a clinical-stage drug developer focused on autoimmune diseases.

## Sole voting power about 3.23 million shares

BlackRock has sole voting power over 3,226,537 of the shares and shared voting power over none, the filing shows. The stake is measured as of September 30, 2026.

BlackRock filed as a parent holding company. The position combines the holdings of several BlackRock units, and an [exhibit](https://www.sec.gov/Archives/edgar/data/2012383/000201238326003867/Item%5F7.txt?ref=bullished.co) names them, including BlackRock Fund Advisors and BlackRock Institutional Trust Company, National Association.

The filing says various persons have the right to receive dividends or sale proceeds from the shares, and that no one person's interest is more than 5% of the outstanding common shares.

## A passive holder, by its own certification

BlackRock certified that the shares were acquired and are held in the ordinary course of business. It said they were not bought to change or influence control of Zenas.

## A company with no products yet

Zenas, based in Waltham, Massachusetts, has no approved products and has not generated revenue from product sales, according to its annual report for 2025\. Its lead candidate, obexelimab, is an antibody designed to inhibit B cells, a type of immune cell, without depleting them.

The company is also developing orelabrutinib, an oral drug for progressive multiple sclerosis. Its Phase 3 trial of obexelimab in IgG4-related disease enrolled 194 patients.

Zenas shares closed Tuesday at $27.30, giving the company a market value of $1.8 billion.

Zenas has tested obexelimab in eight clinical trials in which 383 subjects were dosed, according to its annual report.

Learn

- [What a Reverse Termination Fee Means: Who Pays When a Merger Collapses →](https://www.bullished.co/learn/reverse-termination-fee-meaning/)  
A reverse termination fee is paid by the buyer to the target if a merger fails on agreed terms. See how it differs from a break-up fee, with live deal examples.
- [How To Read A Merger Proxy: A Checklist For Shareholders Facing A Vote →](https://www.bullished.co/learn/merger-proxy-statement-how-to-read/)  
Facing a merger vote? Read the proxy in this order: price and payment, vote date and threshold, board background, synergy claims, then closing conditions.

### Sources

- [SCHEDULE 13G — BlackRock, Inc. re: ZENAS BIOPHARMA (ZBIO)](https://www.sec.gov/Archives/edgar/data/0002012383/000201238326003867/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [SCHEDULE 13G Exhibit 99 — EXHIBIT 99: ITEM 7](https://www.sec.gov/Archives/edgar/data/2012383/000201238326003867/Item%5F7.txt?ref=bullished.co) — SEC EDGAR

### More on Zenas BioPharma

- [Zenas Puts Obexelimab's 12-Month Flare-Free Probability At 0.93 Or 0.87, Depending On Who Counts](https://www.bullished.co/zenas-puts-obexelimabs-12-month-flare-free-probability-at-0-93-or-0-87-depending-on-who-38b3d5e4/)

[All Zenas BioPharma (ZBIO) coverage →](https://www.bullished.co/tag/zbio/)