By Colin Kellaher
MacroGenics has struck a deal to sell the rights to its Margenza breast-cancer drug to fellow biopharmaceutical company TerSera Therapeutics for an initial $40 million.
MacroGenics on Tuesday said it is eligible to receive up to $35 million in additional sales milestone payments as part of the deal, which is slated to close by the end of the year.
The Rockville, Md., company said the transaction will let it focus on advancing its pipeline of oncology product candidates.
MacroGenics launched Margenza, its first commercial product, in 2021. In its annual report for 2023, MacroGenics said Margenza hadn't generated enough revenue to be profitable, and the company warned that the drug may never achieve or sustain profitability.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 22, 2024 07:53 ET (11:53 GMT)
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