Shares of clinical-stage biopharmaceutical company Zymeworks (NYSE:ZYME) are trending upward in the pre-market session today after the company entered into an exclusive licensing agreement with Jazz Pharmaceuticals (NASDAQ:JAZZ) for the development of Zanidatamab.
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While Jazz gains exclusive rights for the drug in key markets, Zymeworks gets an upfront payment of $50 million, a second payment of $325 million (optional to Jazz), and potential milestone payments of up to $1.76 billion (apart from royalties on sales).
Moreover, top-line data for the drug in biliary tract cancer is anticipated by the end of this year.
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