Shares of Zymeworks Inc. ZYME, +9.00% gained 8.4% in premarket trading on Wednesday after the company announced a licensing deal with Jazz Pharmaceuticals plc JAZZ, -1.95% for its cancer drug, zanidatamab, which is currently being tested as a treatment for some HER2-expressing cancers. Jazz will pay Zymeworks $50 million upfront. Including all regulatory and commercial milestone payments, the deal, which is expected to close before the end of the year, is worth up to a total $1.7 billion. Zymeworks’ stock is down 66.7% this year, while the S&P 500 SPX, -0.36% has declined 21.9%.
