Pharma BD Deal Intelligence
MacroGenics entered an expanded royalty purchase agreement (First Amendment, executed May 1, 2026) with Sagard Healthcare Partners, selling additional future royalty rights on global net sales of ZYNYZ (retifanlimab-dlwr) for $60 million upfront plus up to $20 million in 2026 sales-based milestones. The amendment brings MacroGenics' aggregate proceeds from Sagard to $130 million, building on the initial June 2025 royalty purchase agreement. All royalty rights revert to MacroGenics once Sagard has received 1.7x the Aggregate Purchase Price by September 30, 2032 (or 2.0x at any time thereafter); any milestone paid is added to the Aggregate Purchase Price for that cap. MacroGenics retains its other ZYNYZ economic interests, including development, regulatory and commercial milestones under its 2017 Incyte license. ZYNYZ is a PD-1 inhibitor marketed by Incyte for squamous cell anal carcinoma and Merkel cell carcinoma.