secwatch.observer — SEC 8-K summary
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Issuer:     Zymeworks Inc. (ZYME)
CIK:        0001937653
Form:       8-K
Filed at:   2023-11-02T23:59:59+00:00
Accession:  0001193125-23-269391
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.02
LLM model:  deepseek-v4-flash:cloud@v2

Zymeworks and LEO Pharma terminate collaboration; Zymeworks reclaims IP and platform rights
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1937653/000119312523269391/0001193125-23-269391-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1937653/000119312523269391/d431760d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-269391

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer