MacroGenics stock rises on $10M Gilead option exercise

MacroGenics Inc (NASDAQ:MGNX) shares experienced a 4.3% increase in after-hours trading on Tuesday following Gilead Sciences' decision to exercise its option on a preclinical bispecific program, resulting in a $10 million payment to the company. The agreement was established under MacroGenics' 2022 collaboration with Gilead Sciences, which involves the licensed preclinical bispecific program utilizing MacroGenics' TRIDENT platform.

This program is aimed at targeting two undisclosed solid tumor targets and is part of the three programs being advanced under the collaboration agreement. MacroGenics, a clinical-stage biopharmaceutical company, focuses on developing antibody-based therapeutics for cancer treatment and has the potential to receive up to approximately $1.6 billion in additional development, regulatory, and commercial milestone payments.

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