Jazz Pharma To License Zymeworks' Zanidatamab For Total Potential Payments Of Up To $1.76 Bln

(RTTNews) - Jazz Pharmaceuticals plc (JAZZ) announced Wednesday an exclusive license agreement with Zymeworks Inc. (ZYME) to commercialize Zanidatamab, a HER2-targeted bispecific antibody.

As per the deal with Zymeworks' unit, Zymeworks BC Inc., Jazz will acquire development and commercialization rights to zanidatamab across all indications in the United States, Europe, Japan and all other territories except for those Asia/Pacific territories previously licensed by Zymeworks.

Under the deal terms, Zymeworks is eligible to receive a $50 million upfront payment. If Jazz decides to continue the collaboration following readout of the top-line clinical data from HERIZON-BTC-01, a second, one-time payment of $325 million will be made.

Zymeworks is also eligible to receive up to $525 million upon the achievement of certain regulatory milestones and up to $862.5 million in potential commercial milestone payments, for total potential payments of up to $1.76 billion.

Pending approval, Zymeworks is eligible to receive tiered royalties between 10% and 20% on Jazz's net sales.

The transaction is expected to close within the 2022 calendar year, subject to expiration or termination of the waiting period under the Hart-Scott-Rodino Act of 1976.

Zanidatamab is a bispecific antibody, based on Zymeworks' Azymetric platform, that can simultaneously bind two non-overlapping epitopes of HER2, known as biparatopic binding.

Zymeworks is developing zanidatamab in multiple Phase 1, Phase 2 and pivotal clinical trials globally as a targeted treatment option for patients with solid tumors that express HER2.

FDA has granted Breakthrough Therapy designation for zanidatamab in patients with previously treated HER2 gene-amplified Biliary tract cancers or BTC, and two Fast Track designations for zanidatamab, one as a single agent for refractory BTC and one in combination with standard of care chemotherapy, for first-line GEA.

Zanidatamab has also received Orphan Drug designations from FDA for the treatment of biliary tract and gastric cancers, as well as Orphan Drug designation from the European Medicines Agency for the treatment of gastric cancer.

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