Zymeworks Inc. (NASDAQ: ZYME) gained ground Friday, as the clinical-stage biotechnology company developing novel, multifunctional biotherapeutics, announced it is expected to be added to the Nasdaq Biotechnology Index (NASDAQ: NBI). Zymeworks’ addition to the NBI will become effective prior to the market open on Monday, December 18.
The NBI is designed to track the performance of a set of securities listed on The Nasdaq Stock Market that are issued by companies classified as either biotechnology or pharmaceutical companies according to the Industry Classification Benchmark. Companies in the NBI must meet certain eligibility requirements, including, but not limited to, minimum market capitalization, average daily trading volume, and seasoning as a public company. The NBI is evaluated annually in December and is calculated under a modified capitalization-weighted methodology. The NBI is currently comprised of approximately 250 companies.
Zymeworks' complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutic candidates. Zymeworks engineered and developed zanidatamab, a HER2-targeted bispecific antibody using Zymeworks' proprietary Azymetric™ technology. Zymeworks has entered into separate agreements with BeiGene, Ltd. (BeiGene) and Jazz Pharmaceuticals Ireland Limited (Jazz), granting each of BeiGene and Jazz with exclusive rights to develop and commercialize zanidatamab in different territories.
ZYME shares advanced 14 cents, or 1.6%, to $9.16.
