Zymeworks Receives $14 Million Cash Research Milestone Payment From GSK

(RTTNews) - Zymeworks Inc. (ZYME), Wednesday announced that the company has received a cash research milestone payment of $14 million from GSK plc (GSK) associated with a previous milestone.

The company noted that it entered into platform technology transfer and license agreement with GSK for research, development and commercialization of upto six bispecific antibodies generated using its Azymetric platform.

The deal, signed in 2016, granted GSK a worldwide, royalty-bearing antibody sequence pair-specific exclusive license to research, develop and commercialize licensed products.

Later, in 2019, the deal was expanded to provide GSK access to Zymeworks' unique heavy-light chain pairing technology under the Azymetric platform.

Under the expanded deal, the company received an upfront technology access fee payment. Also, it remains eligible to receive research, development, and commercial milestone payments of up to $1.1 billion, along with tiered royalties on worldwide sales.

In the pre-market hours, Zymeworks's stock is trading at $13.70, up 0.96 percent on the Nasdaq.