and SURESNES, France
, Sept. 20, 2012
/PRNewswire/ -- MacroGenics, Inc., a privately held biotechnology company that develops next generation antibody therapeutics, and Servier, France
's largest privately-held pharmaceutical company, announced today that they 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.
"We are very pleased to be expanding our existing relationship with MacroGenics. Servier partnered with MacroGenics in late 2011 on MGA271, a monoclonal antibody that recognizes B7-H3, a novel member of the B7 family of immune regulators. 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. Furthermore, they have a proven track record in successfully integrating their powerful antibody discovery and bi-specific platforms," said Stephane Depil, M.D., Ph.D., in charge of Oncology Research & Development at Servier. "Today's announcement further underscores Servier's commitment to develop novel targeted therapies that address significant unmet medical needs for cancer patients," added Emmanuel Canet, M.D., Ph.D., President Research & Development at Servier. "We continue to look forward to building a long-term strategic collaboration with MacroGenics, a pioneer in developing next-generation antibody therapeutics."
Under the terms of the agreement, MacroGenics will receive a $20 million upfront payment. MacroGenics retains 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 research and development 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 Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "Servier has been an extraordinary partner with significant global capabilities in developing and delivering novel cancer treatments to patients. They will enable us to significantly broaden and accelerate our pipeline of innovative DART-based product candidates."
MacroGenics' DART technology enables the generation of highly stable antibody-based therapeutics that can simultaneously target two different antigens. DART therapeutics can accommodate virtually any variable region sequence in a "plug-and-play" fashion, are highly potent, and have very favorable manufacturing properties. DARTs may be engineered with either short or extended serum half-life to support various applications in different disease areas. To date, the company has engineered over 100 different DART proteins developed for both internal pipeline programs and external collaborators. MacroGenics expects to initiate multiple IND-enabling studies with several DART programs in late 2012. MacroGenics continues to expand its significant patent estate around its DART technology.
MacroGenics is a private, venture-backed biotechnology company focused on the discovery, development and delivery to patients of novel biologics for treatment of cancer, autoimmune disorders and infectious diseases. MacroGenics has built a fully-integrated set of capabilities in antibody-based product development which supports its innovative pipeline of clinical stage product candidates. MacroGenics' proprietary research is based on three core technology platforms, which include: (1) a leading research capability for screening and targeting cancer stem-like cells; (2) Dual-Affinity Re-Targeting (or DART) bi-specific technology, which allows the incorporation of multiple specificities within a single recombinant molecule; and (3) Fc optimization, which enhances antibody-dependent effector cell function. The company has multiple research and development collaborations with major pharmaceutical companies including Les Laboratoires Servier, Boehringer Ingelheim and Pfizer, Inc. For more information, visit www.macrogenics.com.
Servier is the leading independent French pharmaceutical company with a 2011 turnover of 3.9 billion. The Servier Group is established in 140 countries with its main therapeutic products used to treat diabetes, cardiovascular disease, CNS disorders, oncology and rheumatology. More than 25% of Servier's revenue is invested in Research & Development. Servier has 20,000 employees worldwide, including nearly 3,000 in R&D. For further information, please visit www.servier.com.
Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "intends," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the Company's ability to raise additional capital, and risks related to the Company's ability to initiate, and enroll patients in, planned clinical trials. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by law.
SOURCE MacroGenics, Inc.