2023-03-20 10:32:52 ET
- Zymeworks ( NASDAQ: ZYME ) held steady on Monday despite an announcement over Japanese pharma Daiichi Sankyo's ( OTCPK:DSKYF ) decision to end a six-year exclusive partnership with its subsidiary Zymeworks BC for bispecific antibody products.
- Under the 2016 agreement, Daiichi Sankyo ( OTCPK:DSNKY ) obtained a worldwide exclusive license to research, develop and commercialize bispecific antibody products using Zymeworks BC's Azymetric and EFECT platforms.
- Per the terms, Zymeworks ( ZYME ) was eligible to receive up to $149.9M payments, out of which it has so far secured $2.0M upfront payment and $4.5M of research and commercial option-related payments.
- Despite the termination, Zymeworks BC ( ZYME ) retains a non-exclusive component of the partnership under which it has rights to develop and commercialize products using Daiichi Sankyo's ( OTCPK:DSNKY ) immune-oncology antibodies.
- Read why Seeking Alpha contributor ONeil Trader upgraded Buy from Hold last month.
For further details see:
Zymeworks and Daiichi Sankyo end bispecific antibody deal