Daiichi, Zymeworks Terminate Seven Year-Cancer Antibody Pact
- Zymeworks Inc and Daiichi Sankyo
DSNKY
terminated a license agreement dated September 26, 2016, as amended on September 25, 2018, July 2, 2021, and June 6, 2022. - Under the 2016 agreement, Zymeworks licensed its Azymetric and EFECT platforms to Daiichi Sankyo to develop one bispecific antibody therapy for an upfront technology access fee payment of $2.0 million and research and commercial option-related payments totaling $4.5 million.
- Zymeworks was also eligible to receive additional development milestone payments of up to $63.4 million and commercial milestone payments of up to $80.0 million.
- Zymeworks also gained non-exclusive rights to develop and commercialize up to three products (revised to up to six under the June 2022 amendment) using Daiichi Sankyo's proprietary immune-oncology antibodies.
- Under the non-exclusive immune-oncology antibody license, Zymeworks was solely responsible for the resulting products' research, development, and commercialization.
- Zymeworks reported $492.2 million in cash resources as of December 31, 2022, with an expected cash runway through 2026.
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