Celgene candidate selection leads to milestone for Zymeworks
Canadian clinical-stage biotech Zymeworks (TSX: ZYME) today announced that its global biopharma partner Celgene (Nasdaq: CELG) has selected a lead therapeutic candidate in oncology for further development and exercised its option to a commercial license under the companies’ 2014 Azymetric collaboration and licensing agreement.
Zymeworks’ proprietary Azymetric technology platform enables the rapid development of bispecific and multifunctional therapeutics with broad potential for the treatment of cancer, inflammation, and infectious disease.
As a result of the option decision, Celgene – currently the subject of a $74 billion takeover bid from US pharma major Bristol-Myers Squibb (NYSE: BMY) – will pay Zymeworks $7.5 million.
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