Roche entered a licensing and collaboration agreement with Zymeworks for ZW209, a preclinical trispecific T-cell engager (TCE) targeting DLL3. Roche will pay $55 million upfront, with an additional $40 million tied to initiation of a Phase Ib trial, and up to $718 million in development, commercial, and sales-based milestones. The deal grants Roche exclusive global rights to develop and commercialize ZW209, while Zymeworks retains a financial interest through tiered royalties. Roche will fund subsequent global development after Zymeworks conducts Phase Ia monotherapy work in collaboration with Roche. ZW209 is designed to engage T cells while targeting DLL3-expressing tumor cells, using conditional CD28 engagement and obligate cis-binding intended to reduce unintended T-cell activation. The package is aimed squarely at next-generation multispecific immune engagers. For the industry, the scale of the upfront and milestone structure highlights continued heavyweight pharma appetite for early trispecifics that can be differentiated by activation control and potency assumptions.