MacroGenics appoints Eric Risser as new CEO, succeeding Scott Koenig

ROCKVILLE, MD - MacroGenics, Inc. (NASDAQ:MGNX), a clinical-stage biopharmaceutical company with a market capitalization of $104 million and current stock price of $1.66, announced Wednesday that Eric Risser has been appointed President, Chief Executive Officer and member of the Board of Directors, effective immediately.

Risser, who has served as Chief Operating Officer since 2022, succeeds Scott Koenig, M.D., Ph.D., who is stepping down after 24 years as President and CEO. Koenig will continue to serve as a Director and advisor to the company. The leadership change comes as the company’s stock has experienced significant volatility, with a 58% decline over the past year and trading well below its 52-week high of $5.10.

Since joining MacroGenics in 2009, Risser has held roles of increasing responsibility, most recently overseeing key company functions and leading corporate development efforts that have generated over $1.6 billion in non-dilutive capital since the company’s inception. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.28, though it faces challenges with rapid cash burn and negative profit margins.

"I want to thank the Board for their confidence in my ability to lead MacroGenics into its next chapter," Risser said in the press release. "My goal is to create an even more focused and capital-efficient biotechnology company that delivers novel, high-value therapies to patients battling cancer."

Prior to MacroGenics, Risser worked at Johnson & Johnson as Senior Director in Corporate Development, where he led multiple licensing and acquisition transactions. His earlier career included roles in investment banking, venture capital, and strategy consulting. He holds an M.B.A. from Stanford University and a B.A. from Yale University.

Bill Heiden, MacroGenics’ Chair, expressed confidence in the leadership transition, noting Risser’s "track record of value creation, effective portfolio management and creative deal-making."

MacroGenics is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for cancer treatment. Under Koenig’s leadership, the company developed three products that received FDA approval.

The information in this article is based on a company press release.

In other recent news, MacroGenics has entered into a royalty purchase agreement with Sagard Healthcare Partners, securing a $70 million upfront payment. This deal involves the sale of capped royalty interests on the global net sales of MacroGenics’ cancer treatment drug, ZYNYZ. The agreement allows Sagard to collect royalties until it reaches $140 million, after which MacroGenics will resume collecting all future royalties. This transaction is expected to extend MacroGenics’ cash position into the first half of 2027. Analysts from Citizens JMP have reiterated a Market Perform rating on MacroGenics following this development. Stifel also maintains its Hold rating on the stock. Despite selling the royalty rights, MacroGenics retains future economic interests in ZYNYZ, including potential development and commercial milestones. The company will continue to support the global commercial manufacturing of ZYNYZ.

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