MacroGenics Shares Jump On Gilead Licensing Pact For Blood Cancer Candidates

by Vandana Singh, Benzinga Editor
October 17, 2022 9:15 AM | 1 min read |
  • Gilead Sciences Inc GILD and MacroGenics Inc MGNX announced an exclusive option and collaboration agreement to develop MGD024 and two additional bispecific research programs. 
  • MGD024 is an investigational, bispecific antibody that binds CD123 and CD3 using MacroGenics' DART platform.
  • The collaboration agreement grants Gilead the option to license MGD024, a potential treatment for certain blood cancers, including acute myeloid leukemia and myelodysplastic syndromes.
  • Also Read: MacroGenics Jumps Biotech Layoff Bandwagon, Cuts 15% Of Workforce.
  • MacroGenics will be responsible for the ongoing Phase 1 study for MGD024 during which Gilead may elect to exercise its option to license the program.
  • The Phase 1 study will include a dose escalation and an expansion segment that is intended to evaluate MGD024 as monotherapy and in combination with other therapies across multiple indications.
  • Gilead will pay MacroGenics an upfront payment of $60 million, and MacroGenics will be eligible to receive up to $1.7 billion in target nomination, option fees, and development, regulatory and commercial milestones. 
  • Price Action: MGNX shares are up 15.1% at $4.05 during the premarket session on the last check Monday.
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