MacroGenics stock rises on $10M Gilead option exercise
MacroGenics Inc (NASDAQ:MGNX) stock experienced a 4.3% increase in after-hours trading on Tuesday, in response to Gilead Sciences' decision to exercise its option. This option triggers a $10 million payment to MacroGenics. The agreement stems from their collaboration that began in 2022. The program in question is a preclinical bispecific platform that utilizes MacroGenics' TRIDENT technology and is aimed at two undisclosed solid tumor targets.
The 2022 agreement involves a trio of programs: MGD024, an ongoing clinical-stage CD123 × CD3 bispecific DART molecule, as well as the two preclinical bispecific targets. MacroGenics retains the potential to receive up to $1.6 billion in additional payments across the collaboration, including milestone payments and royalties on worldwide net sales from any resulting products.
MacroGenics is a clinical-stage biopharmaceutical firm specializing in the development of antibody-based cancer treatments. This report was AI-assisted and editor-approved. For additional details, visit the source's Terms and Conditions.
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