Zymeworks, Jazz agree to licensing deal for cancer drug

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Shares of Zymeworks Inc. ZYME, +8.38% gained 8.4% in premarket trading on Wednesday after the company announced a licensing deal with Jazz Pharmaceuticals plc JAZZ, -1.78% for its cancer drug, zanidatamab, which is currently being tested as a treatment for some HER2-expressing cancers. Jazz will pay Zymeworks $50 million upfront. Including all regulatory and commercial milestone payments, the deal, which is expected to close before the end of the year, is worth up to a total $1.7 billion. Zymeworks’ stock is down 66.7% this year, while the S&P 500 SPX, -0.43% has declined 21.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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