Benzinga -
- Jazz Pharmaceuticals plc (NASDAQ: JAZZ) exercised its option to continue with its exclusive development and commercialization rights to Zymeworks Inc's (NASDAQ: ZYME) zanidatamab in key markets, including the U.S., Europe, and Japan.
- The decision to exercise this option follows positive topline clinical data from Phase 2b HERIZON-BTC-01 trial in previously treated HER2-amplified biliary tract cancers (BTC), demonstrating that 41.3% of enrolled patients with HER2-amplified and expressing (IHC2+ and 3+) disease achieved an objective response.
- The median duration of response was 12.9 months.
- Under the terms of the agreement, Jazz will make a one-time payment of $325 million to Zymeworks in Q4 to exercise its option.
- Jazz previously made a separate $50 million up-front payment.
- Zymeworks is also eligible to receive up to $525 million upon achieving certain regulatory milestones and up to $862.5 million in potential commercial milestone payments for total potential payments of up to $1.76 billion.
- Price Action: JAZZ shares are up 2.61% at $160.12, and ZYME stock is up 19.6% at $8.45 on the last check Wednesday.