MacroGenics Expands Royalty Purchase Agreement with Sagard
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 04 2026
0mins
MacroGenics (MGNX) announced that it entered into an expanded royalty purchase agreement with Sagard in exchange for a capped royalty interest on future global net sales of Zynyz. MacroGenics and Sagard entered into the initial Zynyz royalty purchase agreement in June 2025. Zynyz is a PD-1 inhibitor originally developed by MacroGenics and licensed to Incyte (INCY) pursuant to an exclusive global collaboration and license agreement in October 2017. MacroGenics retains its other economic interests related to Zynyz, including future potential development, regulatory and commercial milestones. Under the terms of the amended royalty purchase agreement, MacroGenics receives a $60M upfront payment from Sagard and is eligible to receive an additional 2026 sales-based milestone of up to $20M for the sale of its royalty rights on global net sales of Zynyz. All royalty rights will revert back to MacroGenics once Sagard has received total payments of either 1.7x its investment by September 30, 2032, or 2x its investment at any time thereafter.
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Analyst Views on MGNX
Wall Street analysts forecast MGNX stock price to fall
4 Analyst Rating
1 Buy
3 Hold
0 Sell
Hold
Current: 4.240
Low
2.00
Averages
3.00
High
4.00
Current: 4.240
Low
2.00
Averages
3.00
High
4.00
About MGNX
MacroGenics, Inc. is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing monoclonal antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates primarily from its suite of antibody-based technology platforms, which have applicability across broad therapeutic domains. It is advancing three proprietary product candidates in clinical development: lorigerlimab, a bispecific DART molecule that targets checkpoint inhibitors PD-1 and CTLA-4; MGC026, an ADC that targets B7-H3 and delivers a novel topoisomerase I inhibitor (TOP1i)-based linker-payload, and MGC028, an ADC that targets ADAM9 and delivers a novel TOP1i-based linker-payload. Its other product candidates are MGD024, retifanlimab, enoblituzumab, and vobramitamab duocarmazine. MGD024 is an investigational, next-generation, bispecific CD123 CD3 DART molecule designed to engage CD3 expressed on immune effector cells, such as T cells.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MacroGenics Q1 Earnings Beat Expectations with Revenue Growth
- Earnings Performance: MacroGenics reported a Q1 GAAP EPS of -$0.58, missing estimates by $0.03, while revenue reached $20.78M, reflecting a 57.5% year-over-year increase and exceeding expectations by $5.54M, indicating strong growth potential in the market.
- Cash Position: As of March 31, 2026, MacroGenics holds $154.2M in cash, cash equivalents, and marketable securities, and with projected future payments from partners, this ensures a stable cash runway for the company in the coming years.
- Strategic Divestiture: The company plans to sell its manufacturing operations to Bora for $122.5M, and after accounting for related transaction fees, this move is expected to enhance financial flexibility, supporting future investments and operations.
- Partnership Expansion: MacroGenics has expanded its ZYNYZ royalty agreement with Sagard, securing an upfront payment of $60M, which not only bolsters cash flow but also provides funding for further development in the oncology sector.
See More
MacroGenics Sells GMP Drug Manufacturing to Bora for $122.5 Million
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- Employee Transition: The deal includes manufacturing facilities in Rockville and Frederick, Maryland, with approximately 140 employees expected to join Bora, thereby enhancing its North American biologics manufacturing capabilities.
- Timeline for Closure: The transaction is expected to close in the third quarter of 2026, subject to customary conditions, allowing both parties ample time for integration and planning.
- Strategic Implications: By divesting this segment, MacroGenics can focus resources on cancer drug development while optimizing its business structure and improving overall operational efficiency.
See More
MacroGenics Enters $122.5 Million Agreement with Bora Pharmaceuticals
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- Manufacturing Capability Transfer: The deal includes the transfer of MacroGenics' GMP drug manufacturing facility in Maryland and approximately 140 employees to Bora, enhancing Bora's operational capacity in the North American biopharmaceutical sector and improving its market competitiveness.
- Strategic Integration: Bora plans to integrate this manufacturing site into its global CDMO operations, aiming to establish itself as the partner of choice for end-to-end clinical and commercial production in the biopharmaceutical industry, thereby driving its business growth.
- Ongoing Collaborative Relationship: After the transaction closes, MacroGenics will maintain a supply agreement with Bora to support its internal pipeline development and production needs, ensuring a seamless transition and continued collaboration between the two companies.
See More
MacroGenics Expands Royalty Purchase Agreement with Sagard Healthcare Partners
- Agreement Value: MacroGenics' expanded royalty purchase agreement with Sagard Healthcare Partners provides an upfront payment of $60 million and potential additional sales-based milestone payments of up to $20 million in 2026, enhancing the company's cash flow and financial flexibility.
- Sales Rights Structure: The amended agreement grants Sagard a capped royalty interest in future global net sales of ZYNYZ, with expected returns of 1.7 times its investment by September 2032 and 2.0 times thereafter, offering MacroGenics long-term revenue potential.
- Product Background: ZYNYZ, a PD-1 inhibitor, was originally developed by MacroGenics and licensed to Incyte Corporation under a global collaboration agreement, highlighting MacroGenics' ongoing innovation in the oncology sector.
- Market Outlook: The agreement not only provides financial support to MacroGenics but also has the potential to accelerate the market introduction of ZYNYZ, further solidifying its position in the competitive oncology treatment market.
See More
MacroGenics Expands Royalty Agreement with Sagard for ZYNYZ
- Expanded Royalty Agreement: MacroGenics has entered into an expanded royalty purchase agreement with Sagard, receiving a $60 million upfront payment and the potential for an additional $20 million sales-based milestone in 2026, thereby enhancing the company's liquidity and future growth potential.
- Background on ZYNYZ: ZYNYZ (retifanlimab-dlwr) is a PD-1 inhibitor originally developed by MacroGenics and licensed to Incyte in 2017, indicating the company's ongoing innovation and competitive position in cancer treatment.
- Retention of Economic Interests: Despite the royalty transfer to Sagard, MacroGenics retains other economic interests related to ZYNYZ, including future development, regulatory, and commercial milestones, which secures potential revenue growth for the company.
- Investment Return Mechanism: Under the agreement, Sagard must achieve a 1.7x return on its investment by September 30, 2032, or a 2.0x return thereafter, ensuring MacroGenics' revenue rights revert back, thus enhancing its financial stability.
See More
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- Significant Stock Surge: Following a bullish analyst call, MGNX shares surged approximately 10% on Friday, reaching their highest levels since November 2024, indicating strong market confidence in the company's growth potential, with a year-to-date increase of around 133%.
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- Shift in Market Sentiment: Retail sentiment for MGNX on Stocktwits shifted from ‘bearish’ to ‘bullish’, with users expressing increased optimism about the stock's valuation, reflecting a growing confidence among investors regarding the company's future prospects.
See More
MacroGenics Q1 Earnings Beat Expectations with Revenue Growth
- Earnings Performance: MacroGenics reported a Q1 GAAP EPS of -$0.58, missing estimates by $0.03, while revenue reached $20.78M, reflecting a 57.5% year-over-year increase and exceeding expectations by $5.54M, indicating strong growth potential in the market.
- Cash Position: As of March 31, 2026, MacroGenics holds $154.2M in cash, cash equivalents, and marketable securities, and with projected future payments from partners, this ensures a stable cash runway for the company in the coming years.
- Strategic Divestiture: The company plans to sell its manufacturing operations to Bora for $122.5M, and after accounting for related transaction fees, this move is expected to enhance financial flexibility, supporting future investments and operations.
- Partnership Expansion: MacroGenics has expanded its ZYNYZ royalty agreement with Sagard, securing an upfront payment of $60M, which not only bolsters cash flow but also provides funding for further development in the oncology sector.
See More
MacroGenics Sells GMP Drug Manufacturing to Bora for $122.5 Million
- Transaction Value: MacroGenics has agreed to sell its GMP drug manufacturing operations to Bora Pharmaceuticals for $122.5 million, providing non-dilutive capital to support the development of its cancer drug pipeline.
- Employee Transition: The deal includes manufacturing facilities in Rockville and Frederick, Maryland, with approximately 140 employees expected to join Bora, thereby enhancing its North American biologics manufacturing capabilities.
- Timeline for Closure: The transaction is expected to close in the third quarter of 2026, subject to customary conditions, allowing both parties ample time for integration and planning.
- Strategic Implications: By divesting this segment, MacroGenics can focus resources on cancer drug development while optimizing its business structure and improving overall operational efficiency.
See More
MacroGenics Enters $122.5 Million Agreement with Bora Pharmaceuticals
- Significant Transaction Value: MacroGenics has entered into an agreement with Bora Pharmaceuticals, which will provide an upfront payment of $122.5 million upon closing, aimed at accelerating MacroGenics' innovative drug pipeline to achieve key value inflection points in 2026.
- Manufacturing Capability Transfer: The deal includes the transfer of MacroGenics' GMP drug manufacturing facility in Maryland and approximately 140 employees to Bora, enhancing Bora's operational capacity in the North American biopharmaceutical sector and improving its market competitiveness.
- Strategic Integration: Bora plans to integrate this manufacturing site into its global CDMO operations, aiming to establish itself as the partner of choice for end-to-end clinical and commercial production in the biopharmaceutical industry, thereby driving its business growth.
- Ongoing Collaborative Relationship: After the transaction closes, MacroGenics will maintain a supply agreement with Bora to support its internal pipeline development and production needs, ensuring a seamless transition and continued collaboration between the two companies.
See More
MacroGenics Expands Royalty Purchase Agreement with Sagard Healthcare Partners
- Agreement Value: MacroGenics' expanded royalty purchase agreement with Sagard Healthcare Partners provides an upfront payment of $60 million and potential additional sales-based milestone payments of up to $20 million in 2026, enhancing the company's cash flow and financial flexibility.
- Sales Rights Structure: The amended agreement grants Sagard a capped royalty interest in future global net sales of ZYNYZ, with expected returns of 1.7 times its investment by September 2032 and 2.0 times thereafter, offering MacroGenics long-term revenue potential.
- Product Background: ZYNYZ, a PD-1 inhibitor, was originally developed by MacroGenics and licensed to Incyte Corporation under a global collaboration agreement, highlighting MacroGenics' ongoing innovation in the oncology sector.
- Market Outlook: The agreement not only provides financial support to MacroGenics but also has the potential to accelerate the market introduction of ZYNYZ, further solidifying its position in the competitive oncology treatment market.
See More
MacroGenics Expands Royalty Agreement with Sagard for ZYNYZ
- Expanded Royalty Agreement: MacroGenics has entered into an expanded royalty purchase agreement with Sagard, receiving a $60 million upfront payment and the potential for an additional $20 million sales-based milestone in 2026, thereby enhancing the company's liquidity and future growth potential.
- Background on ZYNYZ: ZYNYZ (retifanlimab-dlwr) is a PD-1 inhibitor originally developed by MacroGenics and licensed to Incyte in 2017, indicating the company's ongoing innovation and competitive position in cancer treatment.
- Retention of Economic Interests: Despite the royalty transfer to Sagard, MacroGenics retains other economic interests related to ZYNYZ, including future development, regulatory, and commercial milestones, which secures potential revenue growth for the company.
- Investment Return Mechanism: Under the agreement, Sagard must achieve a 1.7x return on its investment by September 30, 2032, or a 2.0x return thereafter, ensuring MacroGenics' revenue rights revert back, thus enhancing its financial stability.
See More
MGNX Positioned for Growth in Antibody-Drug Conjugate Market
- FDA Lifts Clinical Hold: MGNX announced that the U.S. FDA has lifted the partial clinical hold on its Phase 2 trial of Lorigerlimab, allowing the study to resume enrolling patients with advanced ovarian and gynecologic cancers, which is expected to accelerate clinical progress and patient recruitment.
- Significant Stock Surge: Following a bullish analyst call, MGNX shares surged approximately 10% on Friday, reaching their highest levels since November 2024, indicating strong market confidence in the company's growth potential, with a year-to-date increase of around 133%.
- Analyst Upgrade: B. Riley upgraded MGNX from ‘Neutral’ to ‘Buy’ with a price target of $9, driven by optimistic projections for the Antibody-Drug Conjugate (ADC) market, asserting that MGNX is uniquely positioned in the emerging “ADAM9 TOPO1i ADC” space.
- Shift in Market Sentiment: Retail sentiment for MGNX on Stocktwits shifted from ‘bearish’ to ‘bullish’, with users expressing increased optimism about the stock's valuation, reflecting a growing confidence among investors regarding the company's future prospects.
See More
