Jazz Obtains Exclusive Rights To Zymeworks' Cancer Candidate In Almost $2B Biobuck Deal

• Jazz Pharmaceuticals plc (NASDAQ: JAZZ) will acquire development and commercialization rights to Zymeworks Inc's (NASDAQ: ZYME) zanidatamab across all indications in the U.S., Europe, Japan, and all other territories except for those Asia/Pacific territories that Zymeworks previously licensed to BeiGene Ltd (NASDAQ: BGNE).

• Zanidatamab, a HER2-targeted bispecific, is currently in pivotal trials as a second-line treatment for HER2-expressing biliary tract cancer (BTC) and first-line treatment for HER2-positive gastroesophageal adenocarcinoma (GEA).

• Related: 'Street Underestimates Jazz Pharma's Cash-Flow' Says This Analyst.

• Zanidatamab is based on Zymeworks' Azymetric platform and can simultaneously bind two non-overlapping epitopes of HER2.

• Zymeworks is to receive a $50 million upfront payment, the second payment of $325 million, at Jazz's option, and further potential milestones of up to $1.76 billion, plus sales-based royalties.

• Price Action: JAZZ shares closed at $135.08 on Tuesday. ZYME stock is up 10.30% at $6.19 during the premarket session on the last check Wednesday.

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