The Vancouver biotech company named a new chief operating officer (Mark Hollywood) and chief medical officer (Dr. Sabeen Mekan) and announced the departures of its chief financial officer and its general counsel as part of a management shakeup. On Sunday, it said it could soon earn US$440 million in milestone payments if approvals come through in multiple markets for Ziihera, a cancer drug it’s been working on with Jazz Pharmaceuticals and BeOne Medicines. (The Logic)

Talking point: Like AbCellera, Zymeworks develops antibody-based treatments and has both its own drug candidates and partnerships with large pharma companies. With Ziihera’s success, it’s managing a transition from being a generally money-losing research company to one with significant ongoing revenue. The price of its shares on the Nasdaq exchange peaked over US$55 in 2021, then plunged below US$5 in 2022—a year in which the company cut staff and rejected a takeover bid. It’s since climbed back over US$20. Zymeworks said some of the anticipated Ziihera revenue will go into share buybacks while it continues funding drugs in development.