Jazz Pharma Opts In, Advances Zanidatamab Partnership With Zymeworks - Jazz Pharmaceuticals (NASDAQ:JAZZ), Zymeworks (NASDAQ:ZYME)

Jazz Pharmaceuticals plc JAZZ exercised its option to continue with its exclusive development and commercialization rights to Zymeworks Inc's 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.