Incyte gains rights to MacroGenics' PD-1 inhibitor

MacroGenics Inc. (NASDAQ:MGNX) granted Incyte Corp. (NASDAQ:INCY) an exclusive, worldwide license to develop and commercialize PD-1 inhibitor MGA012. MacroGenics, which retains rights to develop combinations that include the mAb and its pipeline assets, climbed $2.81 (18%) to $19 on Wednesday.

MacroGenics is to receive $150 million up front and is eligible for $750 million in developmental and commercial milestones, plus tiered royalties from 15-24%. MacroGenics also retains partial rights to manufacture MGA012 for both companies globally...