Zymeworks president & CEO Ali Tehrani said: “The team at Celgene has made excellent progress developing bispecific and multifunctional therapeutic candidates built on our industry-leading Azymetric platform and we are delighted to expand and continue our relationship with them.
“We are proud of the fact that all six of our pharma partnerships involving the Azymetric platform remain active and are advancing innovative therapeutics towards clinical trials.”
Under the terms of the original collaboration agreement signed in 2014 which enabled Celgene to research and develop multiple bispecific antibodies based on the Azymetric platform, Celgene has now exercised its right to increase the number of potential products it can develop and commercialize from eight to ten, and extended the research program term by two years.
Zymeworks will receive an expansion fee and is now eligible to receive up to US$164 million in development and commercial milestones for each of up to 10 products plus royalties on worldwide sales.
In total, Zymeworks is now eligible to receive up to US$1.64 billion in future payments for the entire collaboration.
Source: Company Press Release