- 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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