Company News

BUZZ-Zymeworks Inc rises on receiving $2 mln milestone payment from Merck

** U.S.-listed shares of Zymeworks Inc up 5% at $18.40

** The Canada-based drug developer says it has earned a milestone payment of $2 mln in connection with a research and license pact with Merck & Co

** Merck has a worldwide, royalty-bearing license to research, develop and commercialize certain therapies for which Zymeworks is eligible to receive additional milestone payments and royalties on product sales

** ZYME says it has strategic partnerships with 9 biopharma companies

** Earlier this month, the co announced expansion of a similar pact with British drugmaker GlaxoSmithKline Plc

** Up to Tuesday’s close, ZYME had risen 19.4% YTD (Reporting by Manojna Maddipatla)