MacroGenics rises after FDA nod for rare skin cancer therapy

Hanall Biopharma

23/03/2023 15:08

** Shares of biopharma co MacroGenics Inc  MGNX.O  rise 6.4%
to $7.1
    ** Said late on Wednesday it would receive $15 mln milestone
payment from Incyte Corp  INCY.O  after U.S. FDA on Wednesday
granted accelerated approval to INCY's monoclonal antibody
treatment for rare skin cancer, Zynyz
    ** The MNGX-developed therapy was licensed to INCY in 2017
    ** Under license agreement, excluding milestone payment,
MGNX eligible to receive up to total of $320 mln in potential
remaining development and regulatory milestones
    ** MGNX entitled up to $330 mln in potential commercial
milestones from INCY
    ** MGNX additionally eligible to receive tiered royalties of
15% to 24% on any global net sales of the product 
    ** Company also has an agreement with INCY under which it
manufactures portion of Incyte’s global commercial supply of
Zynyz
    ** Including sessions gain, MGNX stock up 6.4% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))