Janssen partners with MacroGenics in up to $625 million deal
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.
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