MacroGenics to receive payments of US$60m over three years
Boehringer Ingelheim and US biotechnology company MacroGenics are to develop antibody-based therapeutics, which may span multiple therapeutic areas, including immunology, oncology, respiratory, cardiometabolic and infectious diseases.
The developmental drug candidates will be based on MacroGenics’ Dual-Affinity Re-Targeting (DART) technology and will be directed against up to ten combinations of molecular targets.
During the first three years of the collaboration, MacroGenics expects to receive payments of about US$60m from Boehringer Ingelheim, which will also make a future equity investment in MacroGenics.
MacroGenics may also be eligible to receive milestone payments of up to US$210m for each of the ten DART programmes in case of full commercial success of multiple DART products. The company may also receive tiered royalties on net product sales.
MacroGenics has the option to co-promote certain DART products in the US. Further financial details were not revealed.
‘This alliance represents the largest external commitment to our DART platform to date and the latest validation of our ongoing efforts,’ said Scott Koenig, MacroGenics’ president and chief executive.
‘Combining MacroGenics’ DART-based antibody platform with our experience and capabilities in drug discovery and development has the potential to generate breakthrough medicines that will help patients with a range of diseases which cannot be adequately treated at present,’ added Wolfgang Rettig, senior vice president of corporate research at Boehringer Ingelheim.
Both companies will share responsibility for discovery and certain preclinical activities. In addition, Boehringer Ingelheim will have sole responsibility for all subsequent preclinical, clinical, regulatory, commercial and manufacturing activities for any DART-based product resulting from the collaboration.