Eli Lilly (NYSE:LLY) and Zymeworks said Wednesday they are expanding a cancer drug development partnership.
The companies announced a team-up in January but did not disclose terms. Without explaining the initial terms of the partnership, the companies said Zymeworks could get an additional $375 million in milestones and other payments. It will also receive royalties on sales of any approved drugs, and Lilly will make an investment in Zymeworks.
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The companies say they will study "bi-specific antibodies," or drugs that use the immune system to treat diseases by targeting two different proteins.
Shares in Indianapolis-based Eli Lilly and Co. were unchanged at $64.68 on Wednesday. Zymeworks is a privately held Canadian company.