Roche struck an up-to $813 million licensing and collaboration deal with Zymeworks for ZW209, a trispecific T-cell engager targeting DLL3 in cancer. Roche will pay $55 million upfront and an additional $40 million upon Phase Ib initiation, with further development, commercial, and sales milestones up to $718 million. Zymeworks will retain a financial interest while continuing an ongoing Phase Ia monotherapy trial in collaboration with Roche, which takes responsibility for global development and commercialization after the licensing transfer. ZW209 is designed to engage T cells via CD3 and CD28 while targeting DLL3-expressing tumor cells, with conditional co-stimulation engineered to limit unintended T-cell activation. Roche expects the asset to expand its multispecific pipeline as it competes in the crowded field of next-generation T-cell engagers. The structure—combining a differentiated mechanism with financial risk-sharing—signals Roche’s continued focus on early-stage immuno-oncology assets that could complement existing modalities and deepen late-stage survival strategies.