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