MacroGenics Announces Closing of MGA012 Global Collaboration and License Agreement with Incyte
December 05 2017 - 4:30PM
MacroGenics, Inc. (NASDAQ:MGNX), a clinical-stage
biopharmaceutical company focused on discovering and developing
innovative monoclonal antibody-based therapeutics for the treatment
of cancer, as well as autoimmune disorders and infectious diseases,
today announced the closing of the global collaboration and license
agreement with Incyte Corporation for MGA012, an anti-PD-1
monoclonal antibody. The agreement was announced on October 25,
2017.
Under the terms of the agreement, MacroGenics will receive an
upfront payment of $150 million, while Incyte receives worldwide
rights to develop and commercialize MGA012 in all indications.
MacroGenics is eligible to receive up to $420 million in potential
development and regulatory milestones, and up to $330 million in
potential commercial milestones. If MGA012 is approved and
commercialized, MacroGenics would be eligible to receive royalties,
tiered from 15 percent to 24 percent, on future sales of MGA012 by
Incyte.
After a pre-defined transition period, Incyte will lead global
development of MGA012. MacroGenics retains the right to develop its
own pipeline assets in combination with MGA012, with Incyte
commercializing MGA012 and MacroGenics commercializing its
asset(s), if any such potential combinations are approved.
In addition, MacroGenics retains the right to manufacture a
portion of both companies’ global clinical and commercial supply
needs of MGA012. MacroGenics intends to utilize its
commercial-scale GMP facility, which is expected to be fully
operational in 2018.
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company
focused on discovering and developing innovative monoclonal
antibody-based therapeutics for the treatment of cancer, as well as
autoimmune disorders and infectious diseases. MacroGenics generates
its pipeline of product candidates primarily from its proprietary
suite of next-generation antibody-based technology platforms. The
combination of MacroGenics' technology platforms and protein
engineering expertise has allowed MacroGenics to generate promising
product candidates and enter into several strategic collaborations
with global pharmaceutical and biotechnology companies. For more
information, please see MacroGenics’ website at
www.macrogenics.com. MacroGenics and the MacroGenics logo are
trademarks or registered trademarks of MacroGenics, Inc.
MacroGenics’ Cautionary Note on Forward-Looking
Statements
Any statements in this press release about future expectations,
plans and prospects for the Company, including statements about the
Company's strategy, future operations, clinical development of the
Company's therapeutic candidates, milestone or opt-in payments from
the Company's collaborators, the Company's anticipated milestones
and future expectations and plans and prospects for the Company and
other statements containing the words "subject to", "believe",
"anticipate", "plan", "expect", "intend", "estimate", "project",
"may", "will", "should", "would", "could", "can", the negatives
thereof, variations thereon and similar expressions, or by
discussions of strategy constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation and enrollment of future
clinical trials, expectations of expanding ongoing clinical trials,
availability and timing of data from ongoing clinical trials,
expectations for regulatory approvals, other matters that could
affect the availability or commercial potential of the Company's
product candidates and other risks described in the Company's
filings with the Securities and Exchange Commission. In addition,
the forward-looking statements included in this press release
represent the Company's views only as of the date hereof. The
Company anticipates that subsequent events and developments will
cause the Company's views to change. However, while the Company may
elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do
so, except as may be required by law. These forward-looking
statements should not be relied upon as representing the Company's
views as of any date subsequent to the date hereof.
# # #
Contacts:
Jim Karrels, Senior Vice President, CFO
MacroGenics, Inc.
1-301-251-5172, info@macrogenics.com
Karen Sharma
MacDougall Biomedical Communications
1-781-235-3060, ksharma@macbiocom.com
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