In 1988, ZymoGenetics was acquired by Novo Nordisk of Denmark, the world’s largest manufacturer of human insulin, diabetes care systems and industrial enzymes. ZymoGenetics served as the primary U.S. discovery arm of Novo Nordisk, contributing to the development of several of Novo Nordisk’s current marketed products and pipeline candidates.

In 2000, the company was spun off as a public company, and in 2002, ZymoGenetics launched its IPO with net proceeds of $111.6 million. Following the IPO, Novo Nordisk held 39% of ZymoGenetic’s capital stock. In October 2010, Bristol-Myers Squibb acquired ZymoGenetics after entering into a strategic collaboration to co-develop PEG-Interferon lambda, for $885 million. In 2016, Bristol-Myers Squibb announced that it would not renew its lease at the Lake Union Steam Plant site in Seattle. In 2019, the Steam Plant became part of the Fred Hutch.