MacroGenics Achieves $100 Million Milestones in Retifanlimab Collaboration with Incyte

On July 30, 2024, MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company specializing in the innovation of antibody-based cancer therapies, announced significant progress. The company successfully achieved $100 million in milestones from Incyte Corporation, attributed to the development of ZYNYZ® (retifanlimab-dlwr). This achievement follows an agreement made on July 24, 2024, which confirmed that specific development milestones were met. ZYNYZ is an intravenous PD-1 inhibitor used to treat adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma. Originally developed by MacroGenics, ZYNYZ was licensed to Incyte under an exclusive global collaboration and license agreement forged in 2017. Incyte, along with its collaborators, is actively exploring additional indications for retifanlimab, including both monotherapy and combination treatments.

The 2017 collaboration agreement with Incyte initially provided MacroGenics with an upfront payment of $150 million. To date, MacroGenics has accomplished a total of $215 million in milestones, including the recent $100 million milestone. Moving forward, MacroGenics is poised to receive up to $210 million in potential development and regulatory milestones, and up to $330 million in potential commercial milestones. The company also benefits from tiered royalties on the global net sales of ZYNYZ, ranging from 15 to 24 percent.

MacroGenics plans to disclose its financial status, including its cash, cash equivalents, and marketable securities balance as of June 30, 2024, in its second-quarter earnings report scheduled for release around August 6, 2024. The company anticipates that its cash reserves, bolstered by the $100 million milestone from Incyte, along with expected future payments from partners and product revenues, should sustain its financial needs through 2026. The projected funding will support MacroGenics' ongoing clinical and preclinical studies.

MacroGenics focuses on discovering, developing, manufacturing, and commercializing innovative monoclonal antibody-based cancer therapies. The company's product pipeline is largely derived from its proprietary next-generation antibody technology platforms, which are applicable across various therapeutic domains. The synergy of MacroGenics' technology platforms and protein engineering expertise has led to the creation of promising product candidates and the establishment of strategic collaborations with international pharmaceutical and biotechnology firms.

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