MGNX - MacroGenics unloads TZIELD royalty stake for up to $200M to a unit of DRI

2023-03-08 19:42:52 ET

• MacroGenics ( NASDAQ: MGNX ) said Wednesday it would sell its royalty interest on future global net sales of TZIELD to a wholly-owned subsidiary of DRI Healthcare Trust for up to $200 million.
• MacroGenics said it would retain its other economic interests related to TZIELD, including future potential regulatory and commercial milestones.
• Under terms, MacroGenics will receive a $100 million upfront payment for the sale of its single-digit royalty on global net sales of TZIELD.
• MacroGenics will have the right to receive a 50% share of the royalty on global net sales above a certain annual threshold.
• In addition, MGNX is eligible to receive up to $50 million from DRI upon the occurrence of pre-specified events tied to the advancement of TZIELD for the treatment of newly diagnosed type 1 diabetes.
• MGNX may also receive an additional $50 million if TZIELD achieves a certain level of net sales.
• Press Release .

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