Daiichi, Zymeworks Terminate Seven Year-Cancer Antibody Pact

Zymeworks Inc ZYME 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.
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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.
Price Action: ZYME shares are down 0.54% at $8.32 on the last check Monday.