Pharma BD Deal Intelligence
Option exercise validates the TRIDENT platform but commits little new capital
Full analysis, sources & comparables →Gilead Sciences exercised its option to obtain an exclusive license to a preclinical bispecific program from MacroGenics under the companies' 2022 collaboration agreement, triggering a USD 10 million payment to MacroGenics. The licensed program is built on MacroGenics' TRIDENT platform and is directed against two undisclosed targets for the treatment of solid tumors. The 2022 collaboration spans three programs: MGD024, a clinical-stage CD123 x CD3 bispecific DART molecule, and two preclinical bispecific programs. MacroGenics remains eligible to receive up to approximately USD 1.6 billion in additional development, regulatory and commercial milestone payments across the collaboration.
The licensed programme is a preclinical bispecific antibody directed against two undisclosed targets for the treatment of solid tumors, built on MacroGenics' TRIDENT platform. It sits within a 2022 Gilead-MacroGenics collaboration spanning three programmes.
Gilead's exercise of its option for an exclusive licence to a preclinical TRIDENT bispecific triggers a $10M payment and moves one of three programmes under the 2022 collaboration forward. MacroGenics remains eligible for up to roughly $1.6B in further development, regulatory and commercial milestones across the collaboration, so the near-term cash is small relative to retained optionality.
Option exercise validates the TRIDENT platform but commits little new capital
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Gilead Sciences, Inc. / MacroGenics, Inc. (this deal) | 2026 | $10M | 60 |
| Gilead Sciences, Inc. / Xilio Therapeutics, Inc. | 2024 | $544M | 67 |
| Gilead Sciences, Inc. / Vir Biotechnology Inc. | 2021 | — | — |
| Gilead Sciences, Inc. / Jounce Therapeutics Inc. | 2020 | — | — |
| Arcturus Therapeutics, Inc. / CSL Seqirus (CSL Limited) | 2026 | $28M | 100 |
| Genentech, Inc. (Roche Group) / Duality Biologics (Suzhou) Co. Ltd. | 2026 | $1.0B | 100 |
| Genentech, Inc. (Roche Group) / Hanmi Pharmaceutical Co. Ltd. | 2026 | $2.3B | 100 |