Rockville’s MacroGenics Inc. just struck a deal with a major U.S. pharmaceutical company that could mean more than $1.7 billion for the local biotech.
MacroGenics (NASDAQ: MGNX) said Monday it has formed a collaboration agreement with Foster City, California-based Gilead Sciences Inc. (NASDAQ: GILD) — giving Gilead the green light to develop and exclusively license MacroGenics’ blood cancer treatment candidate, called MGD024.
That molecule, now in early stages of development, was created using MacroGenics’ DART platform, which creates antibodies that can help destroy cancer cells, among other applications. And in this case, MGD024 aims to treat diseases including acute myeloid leukemia and myelodysplastic syndromes.
Working with Gilead “will accelerate our ability to drive further development of MGD024 to the potential benefit of people living with blood cancers,” Dr. Scott Koenig, president and CEO of MacroGenics, said in a statement Monday.
The deal also gives Gilead the…
Read the full story from the Washington Business Journal.
