Zymeworks and Roche announced a global licensing and collaboration agreement for ZW209, a trispecific T-cell engager targeting DLL3, with total deal value disclosed at up to $813 million. The arrangement includes a $55 million upfront payment, plus an additional $40 million tied to initiation of a Phase Ib trial, and up to $718 million in further development, regulatory, commercial and sales milestones. Roche will have exclusive global rights to develop and commercialize ZW209, while Zymeworks will retain a financial interest. Roche will also take responsibility for later global development and commercialization, with Zymeworks continuing to run the Phase Ia monotherapy trial in collaboration with Roche, which will fund that study. Mechanistically, ZW209 is designed as a DLL3-expressing tumor cell engager that activates T cells via CD3 and CD28, using engineered conditional CD28 engagement and obligate cis-binding intended to limit unintended T-cell activation. Zymeworks stated that the FDA approved an investigational new drug application for ZW209. For investors and pipeline teams, the headline is that Roche is paying for next-generation multispecifics built around DLL3 biology, using early clinical scaffolding while shifting development execution to a late-stage capable partner. The structure also signals how pharma is managing early-stage development risk while monetizing differentiated antibody platforms.