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Zymeworks Reports IND-Submission Milestone Achieved in Lilly Collaboration

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Zymeworks Inc. (TSX:ZYME), a clinical-stage biopharmaceutical
company developing multifunctional therapeutics, today reported the
achievement of a development milestone in its collaboration with Eli
Lilly and Company. In accordance with Zymeworks' 2013 licensing and
collaboration agreement with Lilly, Zymeworks will receive a milestone
payment of US$2.0 million for Lilly's submission of an IND application
for a bispecific antibody enabled by Zymeworks' proprietary Azymetric™
platform. Previously, Zymeworks announced Lilly's nomination of two
bispecific immuno-oncology drug candidates for late-stage preclinical
development.

"The team at Lilly has done an impressive job advancing a novel
bispecific therapeutic built on our Azymetric platform to the IND stage
in a relatively short period of time," said Ali Tehrani, Ph.D.,
President and Chief Executive Officer of Zymeworks. "Moving a compound
into the clinic is an important step in drug development and we look
forward to future progress with Lilly as well as our five other
partners."

Under its two licensing and collaboration agreements with Lilly,
Zymeworks has granted Lilly worldwide licenses to research, develop and
commercialize multiple bispecific therapeutics directed towards Lilly's
targets. To date, Zymeworks has received an upfront licensing payment
and multiple research milestone payments under these agreements, in
addition to historical equity investments made by Lilly in Zymeworks.
Zymeworks is also eligible to receive further development and commercial
milestone payments and tiered royalties on global product sales.

About the Azymetric™ Platform

The Azymetric platform enables the transformation of monospecific
antibodies into bispecific antibodies, giving the antibodies the ability
to simultaneously bind two different targets. Azymetric bispecific
technology enables the development of multifunctional biotherapeutics
that can block multiple signaling pathways, recruit immune cells to
tumors, enhance receptor clustering degradation, and increase
tumor-specific targeting. These features are intended to enhance
efficacy while reducing toxicities and the potential for
drug-resistance. Azymetric bispecifics have been engineered to retain
the desirable drug-like qualities of naturally occurring antibodies,
including low immunogenicity, long half-life and high stability. In
addition, they are compatible with standard manufacturing processes with
high yields and purity, potentially significantly reducing drug
development costs and timelines.

About Zymeworks Inc.

Zymeworks is a clinical-stage biopharmaceutical company dedicated to the
discovery, development, and commercialization of next-generation
multifunctional biotherapeutics. Zymeworks' suite of complementary
therapeutic platforms and its fully-integrated drug development engine
provide the flexibility and compatibility to precisely engineer and
develop highly-differentiated product candidates. Zymeworks' lead
product candidate, ZW25, is a novel bispecific antibody currently being
evaluated in an adaptive Phase 1 clinical trial. Zymeworks is also
advancing a deep pipeline of preclinical product candidates and
discovery-stage programs in immuno-oncology and other therapeutic areas.
In addition to Zymeworks' wholly-owned pipeline, its therapeutic
platforms have been further leveraged through multiple strategic
partnerships with global biopharmaceutical companies.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of Canadian securities
laws, or collectively, forward-looking statements. Forward-looking
statements in this news release include, but are not limited to,
statements that relate to Zymeworks receipt of future milestone payments
and royalties from Lilly or any of its other partners, the speed and
success of drug discovery and development and other information that is
not historical information. When used herein, words and phrases such as
"will," "look forward to," "eligible to," and similar expressions are
intended to identify forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs, plans,
projections, objectives, performance or other characterizations of
future events or circumstances, including any underlying assumptions,
are forward-looking. All forward-looking statements are based upon
Zymeworks' current expectations and various assumptions. Zymeworks
believes there is a reasonable basis for its expectations and beliefs,
but they are inherently uncertain. Zymeworks may not realize its
expectations, and its beliefs may not prove correct. Actual results
could differ materially from those described or implied by such
forward-looking statements as a result of various factors, including,
without limitation, market conditions and the factors described under
"Risk Factors" in Zymeworks' Quarterly Report on Form 10-Q for the three
and six months ended June 30, 2018 (a copy of which may be obtained at www.sec.gov
and www.sedar.com).
Consequently, forward-looking statements should be regarded solely as
Zymeworks' current plans, estimates and beliefs. Investors should not
place undue reliance on forward-looking statements. Zymeworks cannot
guarantee future results, events, levels of activity, performance or
achievements. Zymeworks does not undertake and specifically declines any
obligation to update, republish, or revise any forward-looking
statements to reflect new information, future events or circumstances or
to reflect the occurrences of unanticipated events, except as may be
required by law.

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