Zymeworks and LEO Pharma terminate collaboration; Zymeworks reclaims IP and platform rights

Zymeworks Inc.

LEO Pharma terminates Research and License Agreement for convenience, effective Jan 25, 2024, due to closure of bispecific antibody program.
Zymeworks receives no termination payment; LEO will reimburse non-cancellable costs and assign all related IP to Zymeworks.
Zymeworks gains fully-paid, perpetual, irrevocable license to LEO IP outside dermatology; dermatology restrictions removed.
All rights to Azymetric and EFECT platforms for dermatology revert fully to Zymeworks post-termination.
No milestone or royalty payments were ever received under agreement (potential milestones up to $474.5M across two products).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Zymeworks Inc. terminated Research and License Agreement with LEO Pharma A/S valued at Upfront payment of $5.0 million received; potential milestone payments up to $74.0 million preclinic (effective 2024-01-25).

Action: termination
Agreement: license
Counterparty: LEO Pharma A/S
Value: Upfront payment of $5.0 million received; potential milestone payments up to $74.0 million preclinic
Effective: 2024-01-25

Exact text from the filing

On October 27, 2023, Zymeworks BC Inc. (“Zymeworks BC”), a subsidiary of Zymeworks Inc. (the “Company”), received written notice from LEO Pharma A/S (“LEO”), stating that LEO has elected to terminate, in its entirety, the Research and License Agreement, by and between Zymeworks BC and LEO, dated October 23, 2018 (the “Research and License Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-269391

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