Zymeworks Inc. to Receive Second Milestone Payment from Merck for
Bi-specific Antibody Therapeutics Collaboration
VANCOUVER, British Columbia -- April 16, 2013
Zymeworks Inc. today announced the successful achievement of a second research
milestone in its collaboration with Merck, known as MSD outside of the United
States and Canada, related to Zymeworks’ proprietary Azymetric™ platform for
the development of novel bi-specific antibody therapeutic candidates. In
conjunction with the terms of the collaboration agreement, Zymeworks is to
receive an undisclosed milestone payment from Merck.
“Merck continues to be a world-class partner and we are excited about the
progress of our collaboration,” said Dr. Ali Tehrani, President & CEO of
Zymeworks. “On the heels of the previous milestone announced in September
2012, this milestone is a testament to the strength of the Azymetric™ platform
for the development of best-in-class bi-specific antibodies. We look forward
to advancing our collaboration with Merck and in parallel, leveraging the
Azymetric™ platform in the development of additional therapeutic candidates.”
Under the terms of the agreement, Zymeworks granted Merck, through a
subsidiary, a worldwide license to develop and commercialize bi-specific
antibodies generated through use of the Azymetric™ platform toward certain
exclusive therapeutic targets. Both companies will collaborate to advance the
technology platform, with Merck working to progress the bi-specific
therapeutic antibody candidates through clinical development. Zymeworks
received an upfront fee and is eligible to receive research, development and
regulatory milestones with a potential value of up to US $187 million, as well
as tiered royalty payments on sales of products. Merck will have exclusive
worldwide commercialization rights to products derived from the collaboration.
About Zymeworks Inc.
Zymeworks is a privately held biotechnology company that is developing
best-in-class antibody therapeutics for the treatment of oncology,
autoimmunity and inflammatory diseases. The company’s proprietary ZymeCAD™
structure-guided protein engineering technology and its novel Azymetric™ and
AlbuCORE™ platforms enable the development of highly potent bi-specific
antibodies and multivalent protein therapeutics targeted across a range of
indications. Zymeworks is focused on growing its preclinical biotherapeutics
pipeline through in-house research and development programs and strategic
collaborations. More information on Zymeworks can be found at
David Poon, Ph.D.
Director, External R&D and Alliances
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