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news.US-based biopharmaceutical firm MacroGenics has closed the global collaboration and license agreement with Janssen Biotech for MGD011 to treat multiple b-cell malignancies.
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MGD011 is a humanized CD19 x CD3 bispecific DART protein being developed to treat B-cell hematological malignancies.
As part of the deal, MacroGenics will secure a $50m upfront license fee and Johnson & Johnson Innovation has invested $75m with the purchase of 1,923,077 new shares of MacroGenics common stock at a price of $39.00 per share.
Following submission of the investigational new drug (IND) application later this year, Janssen will be fully responsible for developing MGD011.
After successful development and commercialization, MacroGenics is eligible to receive up to an additional $575m in clinical, regulatory and commercialization milestone payments.
In exchange for a profit share in the US and Canada, MacroGenics might elect to fund a portion of late-stage clinical development.
If commercialized, MacroGenics will also receive double-digit royalties on any global net sales and has the option to co-promote the molecule with Janssen in the US.