Zymeworks terminates collaboration with Daiichi Sankyo, forfeiting up to $149.9M in milestones

Zymeworks Inc.

Collaboration Agreement terminated March 17, 2023; Zymeworks had received $6.5M total upfront and option payments.
Zymeworks forfeits potential development milestones of up to $63.4M and commercial milestones of up to $80.0M.
Zymeworks retains non-exclusive, royalty-bearing rights to develop products using Daiichi's immune-oncology antibodies.
Daiichi receives non-exclusive, royalty-free license to Zymeworks IP for up to 18 months for additional research.
Agreement termination does not relieve accrued obligations; no termination fees disclosed.

item 1.02

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zymeworks Inc. terminated Termination and License Agreement with Daiichi Sankyo Co., Ltd. (effective 2023-03-17).

Action: termination
Agreement: collaboration
Counterparty: Daiichi Sankyo Co., Ltd.
Effective: 2023-03-17

Exact text from the filing

On March 17, 2023, Zymeworks BC Inc. (“Zymeworks BC”), a subsidiary of Zymeworks Inc. (the “Company”), and Daiichi Sankyo Co., Ltd. (“Daiichi Sankyo”), entered into a Termination and License Agreement (the “Termination and License Agreement”) relating to the Collaboration and Cross License Agreement between Zymeworks BC and Daiichi Sankyo, dated September 26, 2016, as amended on September 25, 2018, July 2, 2021, and June 6, 2022 (collectively, the “Collaboration Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-073905

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