By Michael Dabaie

Zymeworks Inc. (ZYME) said its global biopharma partner Celgene Corp. (CELG) selected a lead therapeutic candidate in oncology for further development and exercised its option to a commercial license under the companies' collaboration and licensing agreement.

Zymeworks said it will receive a $7.5 million payment as a result of Celgene's exercise of its option to a commercial license.

Under the terms of the original 2014 agreement, Zymeworks granted Celgene a license to research, develop, and commercialize up to eight bispecific antibodies, and in 2018, the companies increased the number of potential products to 10. For each, Zymeworks is eligible to receive up to $164 million comprised of a licensing fee and development and commercial milestones in addition to royalties on worldwide sales.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

July 16, 2019 09:10 ET (13:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Celgene Charts.
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Celgene Charts.