As per the agreement Zymeworks has granted Merck, through a subsidiary, a worldwide license to develop and commercialize bi-specific antibodies toward certain exclusive therapeutic targets.
Zymeworks will receive an upfront fee, R&D and regulatory milestones with a potential value of up to $187m, as well as tiered royalty payments on sales of products.
Merck will have exclusive worldwide commercialization rights to products derived from the collaboration.