U.S. Markets open in 7 hrs 32 mins

MacroGenics DART selected by Boehringer, triggers $5M milestone payment

MacroGenics announced that Boehringer Ingelheim has nominated a bi-specific antibody therapeutic candidate generated by MacroGenics' Dual-Affinity Re-Targeting, or DART, technology for pre-clinical development. This will trigger a $5M milestone payment to MacroGenics under the companies' October 2010 agreement to discover, develop and commercialize up to 10 DART-based therapeutics, which may span multiple therapeutic areas. In addition, Boehringer Ingelheim will pay a research maintenance payment of $4M to MacroGenics in Q4.