Shares of US biotech firm MacroGenics (Nasdaq: MGNX) rocketed 11.7% to a 10-month high of $38.58 yesterday, on the news of a global collaboration and license agreement for MGD011 with Janssen Biotech, a subsidiary of US health care giant Johnson & Johnson (NYSE: JNJ).
This product candidate incorporates MacroGenics' proprietary platform for Dual-Affinity Re-Targeting (DART) to simultaneously target CD19 and CD3 for the potential treatment of B-cell malignancies.
Under the terms of the deal, MacroGenics will receive a $50 million upfront license fee and Johnson & Johnson Innovation - JJDC Inc will invest $75 million to purchase 1,923,077 new shares of MacroGenics common stock at a price of $39.00 per share. Janssen will be fully responsible for developing MGD011 following submission of the Investigational New Drug (IND), which is planned for 2015.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze