MacroGenics Partners With J&J; Stock Jumps
Biotech MacroGenics (MGNX) cut a licensing deal worth as much as $700 million with Johnson & Johnson’s drug-development arm Monday, sending its stock up 11% to a 10-month high above 38 on the stock market today. Johnson & Johnson’s (JNJ) unit Janssen Biotech agreed to pay $50 million upfront for rights to MacroGenics’ MGD011, an antibody that targets two biomarkers associated with malignancies of the B-cell, a type of white blood cell. Janssen