Zymeworks signs Roche DLL3 deal, up to $813M

Zymeworks and Roche signed a Collaboration and License Agreement on October 22, 2026, disclosed via Form 8-K on October 23. Roche receives exclusive global rights to ZW209, a trispecific T-cell engager targeting DLL3 and engaging CD3 and CD28. Total potential value reaches $813 million: $55 million upfront, $40 million at Phase 1b initiation, and up to $718 million in further milestones, plus tiered royalties from high-single-digit to mid-teen percentages of net sales. Zymeworks will conduct the Phase 1a monotherapy trial funded by Roche; Roche then assumes subsequent global development and commercialization. The FDA has cleared ZW209’s IND. Closing depends on Hart-Scott-Rodino waiting-period expiration or termination. Zymeworks agreed to exclusivity against other DLL3-targeting T-cell engagers for up to five years or until a first Phase 3 study begins. Adam Schayowitz, Zymeworks head of R&D, said the collaboration advances ZW209’s early clinical work while using Roche’s capabilities to accelerate and expand development, and reflects partnering selected assets to share risk while keeping participation in success. Shares rose 4.3% to $29.65 in premarket trading.