<SEC-DOCUMENT>0001193125-16-578661.txt : 20160505
<SEC-HEADER>0001193125-16-578661.hdr.sgml : 20160505
<ACCEPTANCE-DATETIME>20160505071102
ACCESSION NUMBER:		0001193125-16-578661
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160505
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160505
DATE AS OF CHANGE:		20160505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Wave Life Sciences Ltd.
		CENTRAL INDEX KEY:			0001631574
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37627
		FILM NUMBER:		161621530

	BUSINESS ADDRESS:	
		STREET 1:		8 CROSS STREET
		STREET 2:		#10-00
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048424
		BUSINESS PHONE:		617-206-4830

	MAIL ADDRESS:	
		STREET 1:		8 CROSS STREET
		STREET 2:		#10-00
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			048424

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Wave Life Sciences LTD.
		DATE OF NAME CHANGE:	20151106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Wave Life Sciences Pte Ltd
		DATE OF NAME CHANGE:	20150123
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d193553d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM&nbsp;8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): May&nbsp;5, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>WAVE LIFE SCIENCES LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Singapore</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-37627</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not Applicable</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8 Cross Street #10-00, PWC Building</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Singapore 048424</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>048424</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: +65 6236 3388 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<U>see</U> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Research, License and Option Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;5, 2016, WAVE Life Sciences Ltd. (&#147;WAVE&#148;) entered into a Research, License and Option Agreement (the
&#147;Agreement&#148;) with Pfizer Inc. (&#147;Pfizer&#148;).&nbsp;Pursuant to the terms of the Agreement, WAVE and Pfizer have agreed to collaborate on the discovery, development and commercialization of stereopure oligonucleotide therapeutics for
up to five programs (&#147;Pfizer Programs&#148;), each directed at a genetically-defined hepatic target selected by Pfizer (the &#147;Collaboration&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Agreement, the parties will collaborate during a four-year research term. During the research term, WAVE will be responsible to use
its commercially reasonable efforts to advance up to five programs through to the selection of clinical candidates. At that stage, Pfizer may elect to license such Pfizer Program exclusively and to have exclusive rights to undertake the clinical
development of the resulting clinical candidates into products and the potential commercialization of any such products thereafter. If Pfizer declines to exercise its option with respect to a clinical candidate, WAVE will retain all rights to the
intellectual property arising from that Pfizer Program and Pfizer will no longer have any rights to that Pfizer Program. In addition, WAVE receives a non-exclusive, royalty-bearing sublicenseable license to use Pfizer&#146;s hepatic targeting
technology in any of WAVE&#146;s own hepatic programs that are outside the scope of the Collaboration (the &#147;Wave Programs&#148;). Should WAVE use this technology, Pfizer is eligible to receive potential development and commercial milestone
payments from WAVE. Pfizer is also eligible to receive tiered royalties on sales of any products that include Pfizer&#146;s hepatic targeting technology. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Agreement, Pfizer agreed to pay $40 million upfront, $30 million of which is in the form of an equity investment in
WAVE (as discussed under &#147;Equity Investment&#148; below). Subject to option exercises by Pfizer, assuming five potential products are successfully developed and commercialized, WAVE may earn up to $871 million in potential research, development
and commercial milestone payments, plus royalties, tiered up to low double-digits, on sales of any products that may result from the collaboration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pfizer has declared two hepatic targets upon entry into the Collaboration (including WAVE&#146;s Apolipoprotein C-III program), with the
remaining three hepatic targets to be declared within eighteen months of the effective date of the Collaboration. The Collaboration will be managed by a joint steering committee (JSC) in which both parties are represented equally, which will oversee
the scientific progression of each Pfizer Program up to the clinical candidate stage, and will establish the research plans and budgets for each Pfizer Program. During the four-year research term and for a period of two years thereafter, WAVE has
agreed to work exclusively with Pfizer with respect to using any of WAVE&#146;s stereopure oligonucleotide technology that is specific for the applicable hepatic target which is the basis of any Pfizer program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Agreement, each party will maintain ownership of its own technology and intellectual property existing prior to, or outside of, the
Collaboration, and any improvements or modifications to a party&#146;s own technology will be owned by that party, regardless of which party was the inventor thereof. Except as described in the foregoing, the ownership of all inventions arising
under the Pfizer Programs and the Wave Programs will be determined in accordance with inventorship rules, but subject to Pfizer&#146;s option rights and the licenses to be granted pursuant to the exercise of Pfizer&#146;s option rights. In addition,
each party grants the other party non-exclusive research licenses under its intellectual property solely as necessary for the other party to conduct its obligations under the applicable research plan for a Pfizer Program or a Wave Program. In
addition, for each Wave Program, WAVE will have a non-exclusive, sublicenseable license under the Pfizer hepatic technology to develop and commercialize stereopure nucleic acid products as described above. Upon the exercise by Pfizer of its option
for a given Pfizer Program, Pfizer will have an exclusive, worldwide, sublicenseable license under the Collaboration intellectual property owned by WAVE (or owned jointly by WAVE and Pfizer), and WAVE&#146;s existing intellectual property as
necessary for Pfizer to conduct the development and commercialization of the clinical candidate compound and the backup compounds for which the option was exercised, to develop and commercialize such compounds (Pfizer Compounds) as stereopure
oligonucleotide therapeutic products. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Collaboration, Pfizer agreed that it will be subject to a standstill, such
that until the earliest to occur of (i)&nbsp;a specified period following the commencement of the Collaboration, or (ii)&nbsp;other specified events, neither Pfizer nor its controlled affiliates, except as expressly approved in writing by WAVE,
will, subject to certain conditions, directly or indirectly, acquire WAVE&#146;s outstanding ordinary shares, seek to have called any meeting of the shareholders of WAVE, solicit proxies or consents in opposition to the recommendation of a majority
of WAVE&#146;s Board of Directors with respect to any matter or undertake other specified actions related to the potential acquisition of additional equity interests in WAVE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term of the Agreement runs from the effective date until the date of the last to expire payment obligations with respect to each Pfizer
Program and with respect to each Wave Program, and expires on a program-by-program basis accordingly. On a Pfizer Program-by-Pfizer Program basis, Pfizer shall have the right to terminate the Agreement in part for any reason or for convenience upon
90 days&#146; prior written notice. WAVE shall have the right to terminate the Agreement in part on a Wave Program-by-Wave Program basis for any reason or for convenience upon 90 days&#146; prior written notice. In addition, if either party
materially breaches a material term of the Agreement or files for bankruptcy or insolvency, the non-breaching or other party may terminate the Agreement, if the breach is not cured within 30 days of receiving written notice of the breach. In
addition, in the case of a breach of Pfizer&#146;s diligence obligations, WAVE may terminate the Agreement in part with respect to the relevant Pfizer Program(s) to which the diligence failure applied. If a party terminates the Agreement for
convenience, or if a non-breaching party terminates the Agreement due to an uncured material breach of the Agreement by the other party (or the bankruptcy or insolvency of the other party), in each such case, all licenses granted to the breaching or
insolvent party (or the party which is terminating for convenience) with respect to all terminated programs will automatically and immediately terminate and all licenses granted to the other party will survive and continue. In the event of a
terminated program, WAVE will also receive from Pfizer, conditional upon the occurrence of such event and subject to the good faith negotiation of certain economic terms and legal provisions, reversionary licenses with respect to such terminated
program. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Equity Investment </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Simultaneously with the entry into the Agreement on May&nbsp;5, 2016, WAVE entered into a Share Purchase Agreement (the &#147;Equity
Agreement,&#148; and together with the Agreement, the &#147;Agreements&#148;) with C.P. Pharmaceuticals International C.V., an affiliate of Pfizer (the &#147;Pfizer Affiliate&#148;). Pursuant to the terms of the Equity Agreement, the Pfizer
Affiliate agreed to purchase 1,875,000 of WAVE&#146;s ordinary shares (the &#147;Shares&#148;) at a purchase price of $16 per share, which represents a 9.36% premium over the most recent closing price on May&nbsp;4, 2016, for an aggregate purchase
price of $30 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under the terms of the Equity Agreement, the Pfizer Affiliate agreed that the Shares will be subject
to a lock-up restriction, such that the Pfizer Affiliate will not, and will also cause its affiliates not to, without the prior approval of WAVE, sell, transfer or otherwise dispose of the Shares until certain specified periods of time after the
effective date of the Equity Agreement. In addition, for a certain period following the expiration of the lock-up period, subject to certain conditions and limitations, WAVE agreed to provide certain demand registration rights to the Pfizer
Affiliate in order to register all or a portion of the Shares. WAVE also provided the Pfizer Affiliate with certain &#147;piggyback&#148; registration rights for a certain period following the expiration of the lock-up period, subject to certain
conditions and limitations, such that when WAVE proposes to register its ordinary shares for its account, the Pfizer Affiliate will have the right to include some or all of its Shares in such registration. The Equity Agreement also contains other
customary terms and conditions of the parties with respect to the registration of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After giving effect to the sale of the
Shares, Pfizer beneficially owns approximately 8% of WAVE&#146;s outstanding ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the material
terms of the Agreements is qualified in its entirety by reference to the complete text of the Agreements, which WAVE intends to file, with confidential terms redacted,&nbsp;with the Securities and Exchange Commission (&#147;SEC&#148;) as an exhibit
to WAVE&#146;s Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2016. </P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Unregistered Sales of Equity Securities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in Item&nbsp;1.01
above under the heading &#147;Equity Investment&#148; is incorporated into this Item&nbsp;3.02 by reference. The Shares are being issued in reliance on the exemption from registration under Section&nbsp;4(a)(2) of the Securities Act for a
transaction by an issuer not involving a public offering within the meaning of Section&nbsp;4(a)(2) thereunder. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;5, 2016, WAVE issued a press release regarding the
Agreements, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K (this &#147;Form 8-K&#148;) and incorporated herein by reference.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the entry into the Agreements, WAVE now expects that its existing cash together with the $40 million upfront cash payment under the
Agreements will enable it to fund its operating expenses and capital expenditure requirements into 2019. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press release issued on May 5, 2016</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without
limitation, statements regarding the research, license and option agreement, including WAVE&#146;s ability to advance candidates to the clinical selection stage, Pfizer&#146;s decision to exercise its option to license the programs and undertake
further development and potential commercialization, and WAVE&#146;s ability to earn contingent payments, among other forward-looking statements. The words &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148;
&#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;target&#148; and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this Form 8-K are based on management&#146;s current expectations and
beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this Form 8-K, including,
without limitation, the risks and uncertainties described in the section entitled &#147;Risk Factors&#148; in WAVE&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015, as filed with the Securities and Exchange Commission
(SEC) on March&nbsp;30, 2016, and other filings that WAVE may make with the SEC from time to time. Any forward-looking statements contained in this Form 8-K represent WAVE&#146;s views only as of the date hereof and should not be relied upon as
representing its views as of any subsequent date. WAVE explicitly disclaims any obligation to update any forward-looking statements. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>WAVE LIFE SCIENCES LTD.</B></TD></TR>
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<TD VALIGN="top">Date: May&nbsp;5, 2016</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul Bolno, MD</P></TD></TR>
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<TD VALIGN="top">Paul Bolno, MD</TD></TR>
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<TD VALIGN="top">President &amp; Chief Executive Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Exhibit 99.1 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WAVE Life Sciences Enters Collaboration with Pfizer to Develop </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Genetically Targeted Therapies for the Treatment of Metabolic Diseases </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Collaboration will combine WAVE&#146;s proprietary antisense and RNAi capabilities with GalNAc and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Pfizer&#146;s hepatic targeting technology for potential development of optimized therapeutics </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cambridge, MA, May&nbsp;5, 2016 &#150; WAVE Life Sciences Ltd. (NASDAQ: WVE) today announced that it has entered into a research, license and option agreement
with Pfizer Inc. (NYSE: PFE) for the potential development of nucleic acid therapies aimed at silencing the underlying causes of debilitating metabolic diseases. The collaboration will focus on genetically defined targets and bring together
WAVE&#146;s proprietary stereopure drug development platform, across antisense and RNAi modalities, along with GalNAc and Pfizer&#146;s hepatic targeting technology for enhanced delivery to the liver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the agreement, WAVE will advance up to five programs from discovery through to the selection of clinical candidates, at which point Pfizer
may elect to exclusively license the programs and undertake further development and potential commercialization. Two targets have been declared upon initiation of the agreement, including WAVE&#146;s Apolipoprotein C-III program, with the remaining
targets to be declared within eighteen months. In addition, WAVE has received rights to Pfizer&#146;s hepatic targeting technology, which WAVE may elect to use for hepatic programs beyond the collaboration. Should WAVE use this technology, Pfizer is
eligible to receive potential development and commercial milestone payments from WAVE. Pfizer is also eligible to receive tiered royalties on sales of any products that include Pfizer&#146;s hepatic targeting technology. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WAVE&#146;s platform enables the design and development of stereopure nucleic acid therapeutics, which are optimized across multiple dimensions of
pharmacology, including efficacy, stability, specificity and safety. WAVE&#146;s platform offers the flexibility to design therapeutics across multiple modalities, including antisense, RNAi and exon-skipping. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Per the agreement, Pfizer agreed to pay $40 million upfront, $30 million of which is in the form of an equity investment in WAVE at a price of $16 per share.
In addition, assuming five potential products are successfully developed and commercialized, WAVE may earn up to $871 million in potential research, development and commercial milestone payments from Pfizer, plus royalties, tiered up to low
double-digits, on sales of any products that may result from the collaboration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are excited about this collaboration with Pfizer, which will
enable us to combine WAVE&#146;s innovative platform capabilities with Pfizer&#146;s metabolic development and commercialization capabilities with the goal of making meaningful medicines for patients,&#148; said Paul Bolno, M.D., MBA, President and
Chief Executive Officer of WAVE Life Sciences. &#147;This alliance is consistent with WAVE&#146;s strategy to build and advance a portfolio of medicines for neurological and neuromuscular diseases, while working with partners with deep expertise in
other important therapeutic areas. We expect that our existing cash together with the upfront payment will enable us to fund our operating expenses and capital expenditure requirements into 2019.&#148; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our collaboration with WAVE represents Pfizer&#146;s commitment to embracing the most modern technologies
as therapeutic modalities in our core areas of focus, which we feel will make a significant difference for patients in need,&#148; said Morris Birnbaum, M.D., Ph.D., Senior Vice President and Chief Scientific Officer, Cardiovascular &amp; Metabolic
Research Unit, Pfizer. &#147;To accomplish this, we must commit to the most promising technologies, and we believe that WAVE&#146;s oligonucleotide strategy is among the best. By working together to develop unique, proprietary technologies emerging
from both companies, we will explore new liver-targeted approaches to address the cause of genetically defined diseases and interrupt the progression of complex, metabolic disorders.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About&nbsp;WAVE Life Sciences </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At WAVE Life Sciences, we
are driven by an unwavering passion and commitment to deliver on our mission of confronting challenging diseases by developing transformational therapies and empowering patients. We are utilizing our innovative and proprietary synthetic chemistry
drug development platform to design, develop and commercialize stereopure nucleic acid therapeutics that precisely target the underlying cause of rare and other serious genetically defined diseases. Given the versatility of our chemistry platform,
WAVE&#146;s deep, diverse <U>pipeline</U> spans multiple modalities including antisense, exon-skipping, and single-stranded RNAi. For more information, please visit <U>www.wavelifesciences.com</U> and follow us on Twitter at <U>@WAVELifeSci</U> and
<U>LinkedIn</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the research, license and option agreement, including our
ability to advance candidates to the clinical selection stage, Pfizer&#146;s decision to exercise its option to license the programs and undertake further development and potential commercialization, and our ability to earn contingent payments,
among other forward-looking statements. The words &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148;
&#147;estimate,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;target&#148; and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Any forward-looking statements in this press release are based on management&#146;s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual
events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, the risks and uncertainties described in the section entitled &#147;Risk
Factors&#148; in WAVE&#146;s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (SEC) on March 30, 2016, and other filings that WAVE may make with the SEC from time to time. Any
forward-looking statements contained in this press release represent WAVE&#146;s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. WAVE explicitly disclaims any obligation to update
any forward-looking statements. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Feinstein Kean Healthcare </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Liz Melone, 617-256-6622 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>liz.melone@fkhealth.com </U></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Westwicke Partners </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris Brinzey, 339-970-2843 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>chris.brinzey@westwicke.com </U></P>
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