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Privately-held biotech firm MacroGenics has signed an agreement with Gilead Sciences (NASDAQ: GILD ) to develop and produce Dual-Affinity Re-Targeting (DART) next-generation antibody therapeutics, according to a press release on MacroGenics's site.
MacroGenics's deal with Gilead could be worth up to more than $1.1 billion in payouts for the company if the DART program hits on all four of its milestones. MacroGenics may also receive royalties on any future sales that the program produces.
Gilead's Senior Vice President of Oncology and Inflammation Therapeutics, Dr. Roy D. Baynes, explained Gilead's aim in the deal, saying:
This partnership underscores Gilead's commitment to developing innovative therapies that address significant unmet medical needs for patients with cancer and other life-threatening diseases.
Shares of Gilead rose more than 1.5% on Monday.