Zymeworks nabs $350M from Jazz Pharmaceuticals after release of clinical trial data

Zymeworks will receive $350 million from Jazz Pharmaceuticals in return for the right to develop and commercialize Zymeworks’ lead drug candidate, zanidatamab, in the U.S., Europe and Japan. The new cash builds on a $50 million payment earlier this year and comes after Tuesday’s release of positive clinical data from a phase 2b trial testing zanidatamab as a second-line treatment for HER2-positive biliary tract cancer. The deal buoys Zymeworks at the end of a year that began with a round of layoffs and is paired with the potential for future payments of up to $1.76 billion. Vancouver, B.C.-headquartered Zymeworks bases its R&D operations in Seattle, where it has 86 employees.