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news.Zymeworks and Eli Lilly and Company have extended their existing licensing and collaboration agreement for development of an undisclosed number of new bi-specific antibody therapeutics using the former’s Azymetric platform.
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Under the deal, Zymeworks would receive the majority of $375m in potential rewards related to development and commercial milestones.
The initial up-front payment, which Zymeworks will receive in the form of an equity investment, is expected to strengthen the strategic relationship between the two firms.
The company said that majority of financial terms include potential milestone payments contingent on the achievement of certain development and commercial milestone events mainly focused on the US, Japan and global sales.
Lilly Oncology senior vice-president and president Sue Mahony said: "We are pleased to expand our collaboration with Zymeworks to develop potential immunotherapies for those fighting cancer around the world.
"There are many targets involved in the controlled activation and redirection of the immune system and we know that immunotherapies will not be a one-size-fits-all treatment.
"In addition to immunotherapy programs, Lilly has a robust oncology pipeline that includes both small molecules and monoclonal antibodies, which are being studied to treat a wide range of cancers."
The collaboration with Zymeworks adds to Lilly’s bi-specific antibody and immunotherapy research portfolio.
In July this year, Lilly entered into an agreement with Immunocore to jointly discover and develop new cancer therapies.