Shares of MacroGenics Inc. (MGNX) surged 36.50% to $22.10 in premarket trading on Wednesday, Oct. 25, on the heels of the Rockville, Md.-based company's collaboration and license agreement with Incyte Corp. (INCY) regarding MGA012, MacroGenics' investigational monoclonal antibody that inhibits programmed cell death protein 1 (PD-1).
The pact gives Wilmington, Del.-based Incyte exclusive worldwide rights for the development and commercialization of MGA012 in all indications. MacroGenics retains the right to develop its pipeline assets in tandem with MGA012.
Terms of the agreement call for MacroGenics to receive $150 million upfront plus up to $420 million in potential development and regulatory milestone payments and up to $330 million in potential commercial milestone payments.
The transaction is expected to close within the fourth quarter.
Meanwhile, shares of the The Medicines Co. (MDCO) rose 8.1% to $35.50 after the Parsippany, N.J.-based firm unveiled its third-quarter results.
Medicines reported an adjusted net loss from continuing operations of $1.19 a share, compared with an adjusted net loss of $0.64 a share in the third quarter of 2016. The company had worldwide net revenue of $16.9 million, compared with $37.6 million in the year-ago period.
Analysts estimated, on average, an adjusted net loss of $1.10 a share on revenue of $24.3 million, according to Bloomberg,
Medicines said it continues to expect to announce a deal to divest its infectious disease business before the year is over.
Independent of that transaction, Medicines said it is finalizing plans to restructure the remainder of the company. It anticipates that the restructuring will trim the number of employees to less than 60 excluding the infectious disease business.
Among the other biotech stock movers was Sarepta Therapeutics Inc. (SRPT) . Shares were up 1.6% to $49.75 ahead of the release of the Cambridge, Mass.-based firm's third-quarter numbers after the market close on Wednesday. Analysts have forecast, on average, an adjusted net loss per share of $0.53 on revenue of $40.69 million, according to Bloomberg.