BUZZ—Zymeworks shares rise after Roche reaches a licensing agreement worth up to $813 millions for lung cancer drug

October 23 - ** The pharmaceutical company Zymeworks ZYME.O saw its share price rise by 2.8% in pre-market trading, to $29.2

** The company (link) licensed its investigational lung cancer drug to Roche ROPC.S. Under this global licensing agreement, the total transaction value could reach as high as $813 million

** ZYME will receive a $55 million upfront payment, an additional $40 million, and up to $718 million in milestone payments and royalties

** Roche will obtain rights to develop and commercialize ZW209, a drug targeting DLL3—a protein commonly found on the surface of small cell lung cancer cells

** Out of 13 brokers, 5 rate the stock as “Buy” or higher, and 8 rate it as “Hold”; the median target price is $38

** As of the close of the previous trading day, the stock had increased by 8% so far this year

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