On January 21, 2015 Zymeworks reported a collaboration and licensing agreement with Celgene for the research, development, and commercialization of bi-specific antibody therapeutics enabled using Zymeworks’ proprietary Azymetric platform (Press release Zymeworks, JAN 21, 2015, View Source [SID:1234501366]).

Under the terms of the agreement, Zymeworks and Celgene will collaborate on the research and development of multiple bi-specific antibodies based on the Azymetric platform. Celgene will have the option to advance the resulting bi-specific candidates through clinical development and subsequent commercialization. Zymeworks will receive an initial upfront payment, as well as an equity investment from Celgene. Zymeworks is eligible to receive clinical, regulatory, and commercial milestones on successful candidates totaling up to US $164M per therapeutic candidate. Additionally, Zymeworks will receive royalties on worldwide net sales. Further financial details are not disclosed.

“We are extremely excited to collaborate with Celgene on the development of bi-specific antibodies using the Azymetric platform and believe that this class of biotherapeutics has the potential to create game-changing treatment options for patients with unmet medical needs,” said Ali Tehrani, Ph.D., President & CEO of Zymeworks. “We believe that the upfront revenue from this collaboration, in combination with Celgene’s meaningful equity investment and the proceeds from our recent financing rounds, will help accelerate Zymeworks’ internal oncology pipeline candidates towards multiple INDs in 2016 and beyond.”