Pharma BD Deal Intelligence

Roche Holding AG / Zymeworks Inc.

2026 · Licensing/Option · $813M · Complete

Zymeworks granted Roche an exclusive, global license and entered a collaboration for the research, development and commercialization of ZW209, a trispecific T cell engager that targets DLL3 on tumor cells while engaging CD3 and CD28 on T cells, in small cell lung cancer and other DLL3-expressing neuroendocrine tumors. ZW209 has U.S. FDA IND clearance and is in Phase 1. Zymeworks is eligible to receive a $55 million upfront payment, a $40 million payment upon initiation of the Phase 1b trial, and additional development, commercial and sales-based milestone payments of up to $718 million, plus tiered high single digit to mid-teen royalties on future net sales. Roche will fund the Phase 1a trial and holds the exclusive right to develop and commercialize ZW209 globally.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

Key facts

Related deals

See the full interactive analysis, sources & comparables →

← Browse all deals  ·  How we score deals

More: 2026 deals  ·  Roche Holding AG deals