MacroGenics, a Rockville, Md.-based privately held biotech that develops next generation antibody therapeutics, and Servier, a privately-held French pharmaceutical company, have entered into an option agreement for the development and commercialization of Dual-Affinity Re-Targeting (DART) products directed at three undisclosed tumor targets.
MacroGenics' DART technology is a proprietary, bi-specific antibody platform in which a single recombinant molecule is able to target two different antigens. These DART proteins can be used to redirect the body's cell-destroying, immune effector cells against tumor cells.
MacroGenics will receive a $20 million upfront payment from Servier. MacroGenics will retain full development and commercialization rights to the three pre-clinical DART programs in the U.S., Canada, Mexico, Japan, Korea and India, while Servier has the option to obtain an exclusive license covering the rest of the world for each of the programs. Prior to the exercise of Servier's option, both parties will fund and conduct specified R&D activities. Servier may exercise its option for one of the programs prior to IND submission, and for each of the other two programs upon completion of an initial Phase 1 clinical trial.
If Servier exercises such options, MacroGenics will receive option exercise fees, which, when combined with preclinical milestones, would total an additional $80 million. MacroGenics could also receive up to an additional $1 billion in clinical, regulatory and commercialization milestone payments for the three programs. Both parties will share the clinical development costs for each program following the exercise of such option. Finally, MacroGenics may receive tiered, double-digit royalties on future net sales.
"We are delighted to enter into our second collaboration with Servier and our third major pharmaceutical partnership around our DART platform,” said Stéphane Depil, head of oncology R&D, Servier “We believe bi-specific antibodies are an important new frontier in medicine. MacroGenics is well positioned to be a leader in this exciting area, given the robustness and versatility of their DART platform.”