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MacroGenics tapped non-dilutive capital again: Sagard paid $60M upfront plus up to $20M in 2026 sales milestones for more ZYNYZ royalties, pushing aggregate proceeds to $130M — but MacroGenics only gets the royalty stream back once Sagard hits 1.7x its investment by September 30, 2032.
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.
11K US cases/yr · $450M Estimated US 2L+ SCAC opportunity (~30-35% metastatic share of incident cases) · 2025 FDA approval year for ZYNYZ in metastatic SCAC
Squamous cell carcinoma of the anal canal is a rare HPV-driven malignancy with rising US incidence, particularly in women >65 and immunocompromised populations. Standard first-line is chemoradiation for localized disease; metastatic disease lacked an FDA-approved option until ZYNYZ secured anal SCC approval in 2025.
ZYNYZ was the first FDA-approved therapy for metastatic SCAC in 2025, displacing off-label pembrolizumab/nivolumab as the de facto standard. Competitors are mostly checkpoint inhibitors used off-label plus chemo combos (carboplatin/paclitaxel); pipeline includes therapeutic HPV vaccines and TIL therapy. Sagard's royalty bet is heavily weighted toward the SCAC ramp.
3K US cases/yr · $1.2B Estimated 2024 US MCC therapeutics market (subset of 7MM ~$2.5B)
Merkel cell carcinoma (MCC) is a rare, aggressive neuroendocrine skin cancer most often driven by Merkel cell polyomavirus (MCPyV) integration or chronic UV exposure. Five-year survival is poor in metastatic disease, and immunotherapy with PD-1/PD-L1 inhibitors is the standard of care for advanced or recurrent disease.
ZYNYZ (retifanlimab) entered a crowded immuno-oncology niche led by Bavencio (avelumab, Merck KGaA / EMD Serono) and Keytruda (pembrolizumab, Merck). All three are anti-PD-1/PD-L1 monotherapies; differentiation is dosing schedule, payer contracting, and the eight-week interval Incyte is messaging for ZYNYZ. Royalty buyers monetize that limited but durable niche.
| 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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