<SEC-DOCUMENT>0001193125-13-379824.txt : 20131107
<SEC-HEADER>0001193125-13-379824.hdr.sgml : 20131107
<ACCEPTANCE-DATETIME>20130926143344
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-379824
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACROGENICS INC
		CENTRAL INDEX KEY:			0001125345
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9640 MEDICAL CENTER DRIVE
		CITY:			Rockville
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-251-5172

	MAIL ADDRESS:	
		STREET 1:		9640 MEDICAL CENTER DRIVE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Response Letter</TITLE>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Richard E. Baltz</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Richard.Baltz@aporter.com</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">+1 202.942.5124</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1">+1 202.942.5999 Fax</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1">555 Twelfth Street, NW</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Washington, DC
20004-1206</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">September&nbsp;26, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR SUBMISSION </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street,
N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Jeffrey P. Riedler </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">MacroGenics, Inc. </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement on Form S-1 </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed September&nbsp;20, 2013 </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;333-190994 </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of MacroGenics, Inc. (the &#147;Company&#148;), set forth below is the Company&#146;s response to the comment
letter dated September&nbsp;25, 2013 provided by the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) to the Company regarding Amendment No.&nbsp;1 to the
Company&#146;s Registration Statement on Form S-1 (File No.&nbsp;333-190994) (the &#147;Registration Statement&#148;) and the prospectus included therein (the &#147;Prospectus&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We also describe below the changes that we have made in response to the Staff&#146;s comments in the Amended Registration Statement on
Form S-1/A (the &#147;Amended Registration Statement&#148;) that the Company intends to file on September&nbsp;27, 2013. For your convenience, the Staff&#146;s comments are numbered and presented in italicized text below, and each comment is
followed by the Company&#146;s proposed response. The Company will also provide the Staff courtesy copies of the Amended Registration Statement as-filed and marked to reflect the changes from the Registration Statement. </FONT></P>

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 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of the Company, we advise you as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Stock-Based Compensation, page 62 </U></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1. With respect to the second bullet of comment two, please revise your disclosure to state how you weighted the market and income approaches within
the PWERM analysis to determine the enterprise value. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>In response to the Staff&#146;s comment, the
Company has revised the disclosure regarding the December&nbsp;31, 2012 Valuation, beginning on page 67 of the Registration Statement, as follows:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT
STYLE="font-family:Times New Roman" SIZE="1">For the various scenarios, we utilized a combination of the market approach (e.g., consideration of pre-money IPO value indications from companies in the pharmaceutical and biotechnology industries with
similar product candidates and at similar stages of clinical development) and the income approach (e.g., projected future cash flows) to determine the value of our business and ultimately the fair value of our common stock. <B><U>The market approach
was used to determine the fair value of the IPO scenarios and the income approach was used to determine the fair value of remaining private. </U></B>We utilized the following probability-weighted scenarios to determine the equity value of our
company: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We respectfully inform the Staff that the Company&#146;s method for determining the enterprise value is to determine
the fair value under each of the respective scenarios based upon market information (including market based assumptions used in the income approach for remaining private) and then weighting the scenarios based upon the probabilities disclosed within
each of the respective PWERM tables. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Summary of Significant Accounting Policies </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Revenues </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Right-to-Develop Agreements,
page F-17 </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2. We have reviewed your response to our comment six and have the following comments: </I></FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>For each agreement in which a right-to-develop option exists, please provide us with your analysis as to whether the options to acquire the license
are essential to the functionality of other deliverables in the arrangement. For example, on page</I> </FONT></P></TD></TR></TABLE>

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 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
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<I>104 you state &#147;If Servier elects not to exercise the option, it will lose all rights to develop and commercialize MGA271 licenses products . . .&#148;. In this regard, it is unclear
whether the collaborative partner is substantively or economically compelled to exercise its option in order to realize value from the arrangement.</I> </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company has three right-to-develop agreements with two collaborators: Gilead and Servier. The following is the Company&#146;s analysis of whether the options to acquire a future
license are substantive. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company determined there are two deliverables at inception under the Gilead agreement: a)
delivery of the license to Gilead of a first licensed product in the licensed territory; and b) research and development activities related to a first product candidate to be performed in accordance with the research plan. Further, the other
conditional deliverables (right-to-develop options) are substantive options that were not granted with a significant incremental discount. Therefore, there is not another deliverable in the form of a future license at a significant discount and this
future license is not essential to the functionality of the research and development services or a first license delivered to Gilead. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company determined there are three deliverables at inception under each of the two Servier agreements: a) exclusivity clause; b) research and development activities related to the MGA271 and DART
product candidates to be performed in accordance with the research plan; and c) participation in various research committees. Further, the other conditional deliverables (right-to-develop options) are substantive options that were not granted with a
significant incremental discount. Therefore, there is not another deliverable in the form of a future license at a significant discount and this future license is not essential to the exclusivity license, functionality of the research and
development services or participation in various research committees to Servier. The Company concluded that due to the nature of the biotech industry the exclusivity clause stated in the agreement was a negotiated deliverable to Servier. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company considered the following factors in evaluating whether the future licenses under the Gilead and Servier agreements were
substantive: a) overall objective of the arrangement; b) benefit that the collaboration partner (Gilead and Servier) might obtain from the agreement without exercising the option, c) the cost to exercise the option relative to the total upfront
consideration; and d) the additional financial commitments or economic penalties imposed on the </FONT></P>

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 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
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collaboration partner as a result of exercising the option. The Company&#146;s analysis of each of these points is as follows: </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As is the case with many research and development arrangements, the objective is to advance a drug candidate (from preclinical research through advanced human clinical
trial studies) toward a marketable product. However, the probability of successfully moving a product candidate is less than 20%</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">. Therefore, collaboration partners look to diversify their development risk through partnering with companies that
already have an early stage product candidate that appears to be promising. All of the Company&#146;s right-to-develop agreements relate to drug candidates that are either pre-clinical (earliest phase of development) or early clinical (Phase I) and
therefore, subject to the highest likelihood of failure. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Therefore, the overall objective of the collaboration
agreements with Gilead and Servier was to share the risk of development. Upon completing the preclinical phase (or even Phase I) of development, each collaboration partner, after exercising its respective option(s), would then be able to continue
the development of the associated product candidate through additional clinical studies, manufacturing and ultimately commercialization of the product. Not exercising the option related to each of these product candidates would prevent a future
outlay of resources for future development and commercialization by that collaboration partner, which is often the most costly component of drug development. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gilead and Servier receive the technical assistance and technology improvements over the term of the license or exclusivity period. This know-how and knowledge is
retained by the collaboration partner regardless of whether the option is exercised. For example, the collaboration partners will receive data packages with respect to the product candidates attributed to its respective option license. Even in the
absence of their exercise of such options, the collaborators may use this </FONT></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Source: DiMasi, JA, et. Al. &#147;Trends in Risks Associated with New Drug Development: Success Rates for Investigational Drugs.&#148; Clinical
Pharmacology&nbsp;&amp; Therapeutics 87, 272-277 (March 2010). </FONT></P></TD></TR></TABLE>

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data to inform them of the underlying science more generally, and the product candidates more specifically. Further, each collaboration partner also receives the benefit of avoiding future
product candidate expenditures should the technology prove to be unsuccessful. If the product candidate was unsuccessful, or no option was exercised, MacroGenics would retain the know-how as well as future development opportunities.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the Gilead agreement, the upfront payment was $7.5 million. Under the terms of the Gilead agreement, the Company could receive a total of up to $30 million in
license fee payments (option exercise fees) for three additional drug target molecules ($7.5 million each). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the two Servier agreements, the upfront payments were each $20 million. In addition, prior to the exercise of Servier&#146;s
options, both the Company and Servier will fund and conduct specified research and development activities. Servier may exercise its option for MGA271 after a significant portion of the Phase I study has been completed. If Servier exercises such
option, the Company will receive an option license fee of $30 million. With respect to the DART agreement with Servier, it may exercise its option for one of the DART programs prior to investigational new drug submission, and for each of the other
two DART programs upon completion of an initial phase 1 clinical trial. If Servier exercises such options, the Company will receive option exercise fees of approximately $65 million for three additional drug target molecules (MGD006, MGD007 and
another DART molecule). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Therefore, under both the Gilead and Servier agreements, the cost to exercise the option is
significant in relation to the upfront consideration received, which supports the Company&#146;s conclusion that the options are substantive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company concluded that the best estimate of selling price for the potential license fee payments (option fees) to the potential market for the identified drug candidate was consistent with the
estimated selling price for the delivered license; therefore, there was not a significant incremental discount inherent in the potential license fee payments. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company concluded that it is appropriate to exclude a contingent deliverable from
the initial measurement and allocation of the arrangement consideration if (1)&nbsp;considerable uncertainty exists about the outcome of the contingency and (2)&nbsp;the additional fee the customer would have to pay upon delivery of the contingent
good or service is consistent with its estimated selling price. The essential question with respect to the second condition is whether the customer/collaborator has negotiated a significant incremental discount on future products/candidates such
that the inherent value in these options is a bargained element of the arrangement that requires some allocation of the total arrangement consideration to properly account for the other deliverables. When these attributes are present, the contingent
deliverable generally may be accounted for separately when the good or service is delivered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As it relates to the first
attribute, the Company concluded that there is considerable uncertainty that the collaboration partners will exercise their right to obtain each of the three licenses based on the fact that (i)&nbsp;the candidates are in the early stages of
development (e.g., preclinical or Phase I) and there is substantial risk of successful commercialization and (ii)&nbsp;there is a history of collaborators deciding not to exercise their rights (options) to a license. In most cases in which options
have not been exercised, the collaborator decided to not exercise their rights to the licenses based on decisions to invest their capital and efforts on other product candidates in the market. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For example, the Company signed a collaboration agreement with a large pharmaceutical company in October 2010, whereby the collaborator
had the option to select up to two targets for which to obtain related licenses and perform research activities. To this date, this collaborator has selected only one of the two potential targets to pursue. The Company believes this similar risk
exists within the Gilead and Servier agreements as there is high uncertainty considering the early stage of the product candidate and the significant effort required before determining if these product candidates can be commercialized. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As it relates to the second attribute, the Company notes that due to the unique nature of the license, there is no third party evidence
of selling price. Therefore management&#146;s best estimate of selling price was used, </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g575431g88m96.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Page
 7
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
which is evidenced through good-faith negotiations with a non-related third party (i.e., Gilead and Servier). The Company also developed a separate discounted cash flow analysis to support the
value of a product candidate license for Gilead and other DART candidates for Servier. Further, the Company also evaluated the market potential for each of the other indications (including those that Gilead expressed interest in but did not yet
name) and noted a similar market potential for each candidate. Because the consideration for the Gilead option license is expected to be $7.5 million for each candidate that addresses similar sized markets, the Company concluded that the options did
not include a significant embedded discount. The consideration for Servier&#146;s option licenses of $65 million for three DARTs and $30 million for MGA271 is also consistent with the potential market for these product candidates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company concluded that as a result of the early stage of these product candidates and the high risk associated with each of the
candidates and their related probability of success (i.e., overall market potential, each product candidate, considering its early stage, have the same probably of success as the others), that it is reasonable that the individual product candidates
have a similar best estimate of selling price (i.e., the $7.5 million fee per candidate with respect to the Gilead collaboration). The Company considered that it is not necessary for each product candidate to have the same relative selling price,
only that the option prices for certain candidates not include a significant incremental discount. As discussed in the Ernst&nbsp;&amp; Young Financial Reporting Development on Revenue Recognition&#151;Multiple Element Arrangements, &#147;Options to
purchase discounted products in the future,&#148; a discount on the purchase of future products or services provided to a customer in connection with a current arrangement is considered to be a significant and incremental discount if it meets all of
the following criteria: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The future discount is significant in the context of the overall transaction. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The future discount is incremental to the discounts, if any, inherent in the pricing of the other elements included in the arrangement. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The future discount is incremental to the discount typically provided to customers purchasing the same or similar products or services on a standalone
basis. If the customer is not provided a </FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g575431g88m96.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Page
 8
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
discount that is incremental to that which other customers generally receive, no incremental value has been provided to the customer through the future discount. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company did not identify any evidence that the optional product candidates may be purchased by Gilead or Servier at a significant
incremental discount. Based on the aforementioned assessment, the Company concluded that the conditional licenses and related potential license fees are substantive options that do not include a significant incremental discount, and will be excluded
from the initial measurement and allocation of the arrangement consideration. These three license fees will be accounted for separately, when and if the option is exercised and the licenses are delivered. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon exercise of the Gilead options, the Company could also receive up to approximately $1.0 billion in clinical, regulatory and commercialization milestone payments if
all four programs achieve the requisite milestones. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Servier exercises such options, future development costs
will be shared. MacroGenics could receive up to an additional $1.0 billion in clinical, regulatory and commercialization milestone payments for the three programs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Therefore, the additional financial commitments imposed upon Gilead and Servier as a result of exercising the option are significant and further support the Company&#146;s conclusion that the options are
substantive. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>You state on page F-19 that none of the Company&#146;s right-to-develop agreements have been determined to contain substantive options which appears
inconsistent with your response and disclosure in Note 8 that states that all of the options are substantive options.</I> </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company has corrected the disclosure on page F-18 to indicate that the right-to-develop agreements contain substantive options. The Company has revised the last sentence of the second
paragraph on page F-18 as follows: </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g575431g88m96.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 26, 2013 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Page
 9
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s right-to-develop agreements have been determined to
contain substantive options. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">it is responsible for the adequacy and accuracy of the disclosures in its filings; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to Staff comments in its filings do not foreclose the Commission from taking any action with
respect to the Company&#146;s filings; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">It may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the
United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any further questions or comments, or if you require any additional information,
please contact the undersigned by telephone at (202)&nbsp;942-5124 or by email at richard.baltz@aporter.com. Thank you for your assistance. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Richard E. Baltz </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Richard E. Baltz </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
