MacroGenics, Takeda Reach Deal To Develop DART To Treat Autoimmune Disorders

(RTTNews) - MacroGenics Inc. (MGNX) and Takeda Pharmaceutical Company Limited (TKPYY.PK, TKPHF.PK) announced that they have entered into an option agreement for the development and commercialization of MGD010.

This product candidate incorporates MacroGenics' proprietary platform for Dual-Affinity Re-Targeting or DART to simultaneously engage CD32B and CD79B, which are two B-cell surface proteins. MGD010 is currently in pre-clinical development for the treatment of autoimmune diseases.

As per the terms of the agreement, MacroGenics will receive an upfront payment of $15 million and Takeda receives an option to obtain an exclusive worldwide license for MGD010 following the completion of a pre-defined Phase 1a study. MacroGenics will lead all product development activities until that time. If Takeda exercises its option, it will assume responsibility for future development and pay MacroGenics an option exercise fee which, when combined with the upfront payment and an early development milestone, will total $33 million.

Assuming successful development and commercialization of MGD010, MacroGenics could receive up to an additional $468.5 million in clinical, regulatory and commercialization milestone payments. If commercialized, MacroGenics would receive double-digit royalties on any global net sales and has the option to co-promote MGD010 with Takeda in the United States. Finally, MacroGenics may elect to fund a portion of Phase 3 clinical development in exchange for a North American profit share.