MacroGenics Announces Servier Exercises Option To Develop, Commercialize MGD006

(RTTNews) - MacroGenics, Inc. (MGNX) announced that Servier, France's largest privately-held pharmaceutical company, has exercised its exclusive option to develop and commercialize MGD006, a DART-based product candidate developed by MacroGenics. As a result of the exercise, MacroGenics will receive a $15 million payment from Servier. The company also announced that the Investigational New Drug (IND) application for MGD006 has cleared the 30 day review period by the U.S. FDA, triggering an additional $5 million payment to MacroGenics by Servier.

Servier will gain exclusive development and commercial rights in all countries outside of the U.S., Canada, Mexico, Japan, South Korea and India. In these countries, MacroGenics will retain development and commercialization rights. Under the September 2012 agreement, Servier was granted options to obtain three separate exclusive licenses to develop and commercialize anti-cancer DART-based molecules, consisting of MGD006 and MGD007, as well as a third DART-based molecule, in all countries other than the U.S., Canada, Mexico, Japan, South Korea and India.