MacroGenics names Eric Risser as new CEO, succeeding Scott Koenig

ROCKVILLE, MD - MacroGenics, Inc. (NASDAQ:MGNX) announced Wednesday that Eric Risser has been appointed President, Chief Executive Officer and member of the Board of Directors, effective immediately. The leadership change comes as the company’s stock has experienced an 8.7% decline over the past week, according to InvestingPro data.

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.

Since joining MacroGenics in 2009 to lead business development efforts, Risser has taken on increasing operational responsibilities. According to the company’s press release, he has led corporate development initiatives that generated over $1.6 billion in non-dilutive capital since the company’s inception.

"I want to thank the Board for their confidence in my ability to lead MacroGenics into its next chapter," Risser said in the statement. "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, leading 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 gratitude to Koenig for his leadership, noting that under his tenure, the company developed three FDA-approved products.

MacroGenics is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for cancer treatment. With annual revenue of $154.05 million and a market capitalization of $104.1 million, the company currently trades below its Fair Value according to InvestingPro analysis, which offers comprehensive insights through its Pro Research Report, including 12 additional ProTips and detailed financial metrics for informed investment decisions.

In other recent news, MacroGenics has made significant strides with a new royalty agreement and leadership change. The company announced the appointment of Eric Risser as its new President and CEO, succeeding Scott Koenig, who will remain as a Director and advisor. In financial developments, MacroGenics entered a royalty purchase agreement with Sagard Healthcare Partners concerning its drug ZYNYZ. The agreement involves Sagard paying MacroGenics an upfront sum of $70 million, extending the company’s cash runway until the first half of 2027. Once Sagard collects $140 million in royalties, MacroGenics will resume collecting all future royalties from ZYNYZ. Analysts from Citizens JMP have reiterated a Market Perform rating for MacroGenics following this deal. Stifel also maintained its Hold rating on the company’s stock. These developments reflect the company’s ongoing strategic and financial adjustments.

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