MacroGenics, Inc. (NASDAQ:MGNX), a clinical-stage biopharmaceutical company focused on developing innovative antibody-based therapeutics for the treatment of cancer, today announced that it will receive a $24.5 million regulatory milestone payment from Sanofi following the U.S. Food and Drug Administration’s (FDA) accelerated approval of TZIELD® (teplizumab-mzwv) to delay the decline in endogenous insulin production in children aged eight to 17 years recently diagnosed with stage 3 type 1 diabetes (T1D). The approval expands the therapeutic potential of TZIELD as a disease-modifying therapy for type 1 diabetes.

Under the terms of MacroGenics’ agreement with Sanofi, the recent FDA approval triggered a $24.5 million regulatory milestone payable to MacroGenics. The Company remains eligible to receive up to $305 million in additional milestone payments and retains the right to receive a single-digit royalty on global net sales above a specified annual threshold.