MacroGenics Expands ZYNYZ Royalty Deal with Sagard, Secures Up to $80 Million

MacroGenics, Inc. has expanded its existing royalty purchase agreement with Sagard Healthcare Partners, securing immediate and potential future funding tied to global sales of ZYNYZ® (retifanlimab‑dlwr).

Under the amended agreement, MacroGenics will receive an upfront payment of $60 million. The company is also eligible for an additional sales‑based milestone of up to $20 million in 2026, linked to its royalty rights on global net sales of ZYNYZ. The deal relates to a capped royalty interest on future global net sales of the product.

MacroGenics and Sagard first entered into a royalty purchase agreement for ZYNYZ in June 2025; the updated terms extend that arrangement while preserving MacroGenics’ broader economic exposure to the asset.

Royalty structure and reversion terms

Sagard will receive royalty payments until it reaches a predefined return threshold on its total investment. Royalty rights will revert fully to MacroGenics once Sagard has received:

• 7 times its total investment by September 30, 2032, or
• 0 times its total investment at any time thereafter.

After this point, MacroGenics will regain full royalty rights on global ZYNYZ sales, effectively resuming collection of all future royalties. The company will retain other financial interests in ZYNYZ, including eligibility for future development, regulatory, and commercial milestone payments under its collaboration with Incyte.

ZYNYZ background and commercialization

ZYNYZ (retifanlimab‑dlwr) is a humanized monoclonal antibody targeting programmed death receptor‑1 (PD‑1), an immune checkpoint involved in cancer progression.

Originally developed by MacroGenics, the drug is licensed to Incyte Corporation under an exclusive global collaboration and license agreement entered into in October 2017.

ZYNYZ is approved in multiple regions for the treatment of specific cancers:

• In combination with chemotherapy (carboplatin plus paclitaxel) for first‑line treatment of adult patients with inoperable locally recurrent or metastatic squamous cell carcinoma of the anal canal (SCAC) in the United States, Europe, and Japan.
• As a single‑agent regimen for SCAC patients who have progressed on or cannot tolerate platinum‑based chemotherapy in the United States.
• As monotherapy for first‑line treatment of metastatic or recurrent locally advanced Merkel cell carcinoma (MCC) in the United States, European Union, Canada, and Switzerland.

ZYNYZ is currently marketed by Incyte in the United States.

 Strategic context

This expanded royalty agreement provides MacroGenics with near‑term capital while preserving long‑term upside potential from ZYNYZ sales. By structuring the deal with capped returns and reversion rights, the company maintains its economic interest once Sagard achieves its required investment return thresholds.

Further details of the expanded royalty purchase agreement have been disclosed in a Form 8‑K filing with the U.S. Securities and Exchange Commission.

Reference

MacroGenics and Sagard Healthcare Partners Enter into Expanded ZYNYZ® Royalty Purchase Agreement | MacroGenics, Inc.