A Royalty Model For Value Creation With Zymeworks' Kenneth Galbraith
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On this week's episode of the Business of Biotech, we're speaking with Kenneth Galbraith, CEO and Board Chair at Zymeworks, a biotech developing multispecific therapies internally and through partnerships with companies including Jazz Pharmaceuticals and BeOne Medicines (formerly BeiGene), J&J, Merck, Daiichi Sankyo, and GSK. Ken talks about Zymeworks' shift to a royalty model for development funding and value creation, lessons learned from platform deals and cross-border R&D, the benefits of strong royalty agreements and backloaded milestone payments over headline upfronts, and industry dynamics for the coming year. Ken also shares insights from his deep experiences as a biotech investor and corporate director, and explains why scientific primacy should always drive biotech business decisions.
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- 0:00Meet Kenneth Galbraith And Zymeworks
- 2:20Firsts In Biotech And Early Lessons
- 5:25Navigating Unknowns And Cross‑Border Deals
- 9:05Decade Timelines, Capital Cycles, Talent
- 12:05Operator vs Investor: Boardroom Mindset
- 15:15Building Trust With Scientific Founders
- 18:05Time Management Across Roles
- 20:07What Corporate Directors Actually Do
- 23:05Zymeworks Portfolio And Partnerships
- 26:00Open Platform Strategy And J&J
- 30:20Deal Design: Less Upfront, More Royalty
- 34:05Zanidatamab Partnerships With Jazz And BeOne
- 38:00Why Shift To A Royalty‑Led Model
- 42:00Three‑Pronged Growth: R&D, M&A, Royalties
- 46:00Building A Royalty Acquisition Team
- 48:202026 Outlook: Science Drives The Cycle
- 58:24Closing And Where To Subscribe