Benzinga | Aug 3, 2021 08:33AM EDT

Zymeworks Reports Milestone Payment As J&J's Janssen Achieves First Patient Dosed For Bispecific Antibody Utilizing Zymeworks' Azymetric, EFECT Therapeutic Platforms

Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today announced that Janssen Biotech, Inc. (Janssen) dosed the first patient with JNJ-78278343, a bispecific antibody developed using Zymeworks' Azymetric(tm) and EFECT(tm) therapeutic platforms.

"On behalf of everyone at Zymeworks, I'd like to congratulate the team at Janssen for advancing this bispecific candidate into the clinic," said Ali Tehrani Ph.D., Zymeworks' President & CEO. "This represents our fourth pharmaceutical collaboration with programs reaching clinical development. We look to continue to demonstrate the value and strength of our platform technologies, which are an important part of our business model, complementing the value derived from our two lead clinical assets and preclinical pipeline."

Zymeworks will receive a payment in connection with this milestone under Zymeworks' 2017 licensing agreement with Janssen. Under the terms of that agreement, Zymeworks provided Janssen with a worldwide, royalty-bearing license to research, develop and commercialize up to six bispecific antibodies directed to Janssen therapeutic targets using Zymeworks' Azymetric and EFECT platforms. Janssen is responsible for all research, development and commercial activities under the licensing agreement. Zymeworks received an upfront payment of US$50 million and is eligible to potentially receive up to US$282 million in development and up to US$1.12 billion in commercial milestone payments, as well as tiered royalties on potential sales. Janssen also has the option to develop two additional bispecific programs under the agreement subject to a future option payment.