MacroGenics to receive $15M milestone following FDA approval of Zynyz

MacroGenics (MGNX) reported that following the U.S. FDA’s approval of Incyte’s (INCY) Biologics License Application for ZYNYZ, the company will receive a $15M milestone payment from Incyte. ZYNYZ, a humanized monoclonal antibody targeting programmed death receptor-1, was previously developed by MacroGenics and licensed to Incyte pursuant to an exclusive global collaboration and license agreement in October 2017. "The FDA approval of ZYNYZ represents the third approval of a product originating from MacroGenics’ pipeline of proprietary or partnered product candidates," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. Under the terms of the license agreement, beyond the $15M approval milestone, MacroGenics is also eligible to receive up to a total of $320M in potential remaining development and regulatory milestones and up to $330M in potential commercial milestones from Incyte. In addition, MacroGenics is eligible to receive tiered royalties of 15% to 24% on any global net sales of the product. Finally, MacroGenics has an agreement with Incyte under which it manufactures a portion of Incyte’s global commercial supply of retifanlimab.