Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of ZymoGenetics, Inc. (“ZymoGenetics” or the “Company”) (NasdaqGM: ZGEN) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Bristol-Myers Squibb Company (NYSE: BMY). The proposed transaction offers ZymoGenetics shareholders to only receive $9.75 in cash for each share they own.

Whether the ZymoGenetics’ Board of Directors breached their fiduciary duties to ZymoGenetics’ stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues ZymoGenetics shares and by how much this proposed transaction undervalues the Company to the detriment of ZymoGenetics shareholders are the key focus of this investigation.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

If you own common stock in ZymoGenetics and wish to obtain additional information, please visit us at www.faruqilaw.com/zymogenetics or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

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Copyright Business Wire 2010