Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events

Subsequent Events

17.    Subsequent Events

MacroGenics

In October 2017, we entered into a Global Collaboration and License Agreement (the “Agreement”) with MacroGenics, Inc. (“MacroGenics”).  Under the terms of the Agreement, we received exclusive development and commercialization rights worldwide to MGA012, an investigational monoclonal antibody that inhibits programmed cell death protein 1 (PD‑1). MGA012 is currently in clinical development by MacroGenics.   We have agreed to pay MacroGenics an upfront payment of $150.0 million.  MacroGenics will be eligible to receive up to $420.0 million in future contingent development and regulatory milestones and up to $330.0 million in commercialization milestones as well as tiered royalties ranging from 15% to 24% of global net sales.  The effectiveness of the Agreement is conditioned on the early termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; provided, that certain provisions, including those relating to indemnification and termination for material breach, became effective upon execution of the Agreement.