Incyte is paying $150 million upfront for worldwide rights to MacroGenics’ PD-1 drug. The deal, which includes $750 million in milestones, is Incyte’s second attempt to land a PD-1 program to pair with its pipeline of oncology prospects.
MacroGenics’ PD-1 drug, MGA012, only moved into the clinic late last year and is still weeks away from posting dose-escalation data. Typically, the huge head start MacroGenics has ceded to Merck, Bristol-Myers Squibb and others would render its drug worthless. But the widespread belief in the value of owning a PD-1 drug for combination purposes means the checkpoint inhibitor field runs on different rules than the broader market. [Read more]