Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →During the second quarter of 2025, Incyte achieved regulatory approval of ZYNYZ for squamous cell anal carcinoma. The launches of ZYNYZ for SCAC and other…
MacroGenics receives a $60 million upfront payment from Sagard and is eligible to receive an additional 2026 sales-based milestone of up to $20 million. The…
MacroGenics (Nasdaq: MGNX) secures $60M in expanded ZYNYZ royalty deal. The filing emphasizes immediate non-dilutive capital infusion. MacroGenics trades…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| MacroGenics, Inc. / Sagard Healthcare Partners (this deal) | 2026 | $80M | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Servier / Agios Pharmaceuticals (oncology) | 2020 | $2.0B | 91 |
| Servier Pharmaceuticals LLC / Agios Pharmaceuticals Inc. | 2020 | $2.0B | 91 |
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