Servier scoots out of another collaboration with MacroGenics, writing off their $40M
Servier is walking out on a partnership with MacroGenics $MGNX — for the second time.
After the market closed on Wednesday MacroGenics put out word that Servier is severing a deal — inked close to 7 years ago — to collaborate on the development of flotetuzumab and other Dual-Affinity Re-Targeting (DART) drugs in its pipeline.
MacroGenics CEO Scott Koenig shrugged off the departure of Servier, which paid $20 million to kick off the alliance and $20 million to option flotetuzumab — putting a heavily back-ended $1 billion-plus in additional biobuck money on the table for the anti-CD123/CD3 bispecific and its companion therapies.
Koenig preferred to spotlight plans to submit updated early-stage data on their drug at ASH, after it’s been used as a monotherapy for drug-resistant acute myeloid leukemia. Wedbush notes this morning that after the last ASH presentation, MacroGenics highlighted improved responses among AML patients who were primary refractory to intensive chemo, which pushed them to enlist more patients with that profile in the Phase II.
This was the second time Servier has walked out on MacroGenics. The French biotech walked out on their $450 million deal on enoblituzumab in 2015 after looking over the early data on that drug. That therapy is in a Phase II study combined with a PD-1 for solid tumors.
The big show at MacroGenics remains focused on its late-stage breast cancer program for margetuximab, which has caused some consternation among investors unhappy with an interim look at overall survival. The stock has been on a roller coaster ride for years now.
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