MacroGenics expands ZYNYZ royalty deal with Sagard for $60 million

MacroGenics Inc. (NASDAQ: MGNX) announced an expanded royalty purchase agreement with Sagard Healthcare Partners for its ZYNYZ cancer treatment, according to a company statement.

Under the amended agreement, MacroGenics receives $60 million upfront from Sagard and becomes eligible for an additional sales-based milestone payment of up to $20 million in 2026. The deal expands an initial royalty purchase agreement the companies entered in June 2025.

ZYNYZ (retifanlimab-dlwr) is a PD-1 inhibitor that MacroGenics originally developed and licensed to Incyte Corporation in October 2017 under an exclusive global collaboration agreement. MacroGenics retains other economic interests in ZYNYZ, including potential development, regulatory and commercial milestones.

The royalty rights will revert to MacroGenics once Sagard receives total payments of either 1.7 times its investment by September 30, 2032, or 2.0 times its investment thereafter.

ZYNYZ is approved in combination with chemotherapy for first-line treatment of inoperable squamous cell carcinoma of the anal canal in the United States, Europe and Japan. The drug is also indicated as monotherapy for metastatic Merkel cell carcinoma in the U.S., European Union, Canada and Switzerland. Incyte markets ZYNYZ in the United States.

MacroGenics filed additional details about the agreement in a Form 8-K with the Securities and Exchange Commission.

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