Adaptimmune Therapeutics Shares Rise 24% After Genentech Licensing Deal
September 07 2021 - 1:32PM
Dow Jones News
By Chris Wack
Adaptimmune Therapeutics PLC shares were up 24% to $6.10 Tuesday
after the company said it entered into a strategic collaboration
and license agreement with Genentech, a member of Roche Holding AG,
to develop and commercialize allogeneic cell therapies to treat
multiple oncology indications.
Volume for the stock was 28 million shares at 12:55 p.m. ET,
compared with a 65-day average volume of 832,000 shares. The stock
hit its 52-week low of $3.37 on July 27.
The company said the collaboration has two components,
development of allogeneic T-cell therapies for up to five shared
cancer targets, and development of personalized allogeneic T-cell
therapies.
For each component, Adaptimmune will be responsible for
developing clinical candidates using its induced pluripotent stem
cell derived allogeneic platform to produce T-cells. Genentech will
be responsible for the input TCRs and subsequent clinical
development and commercialization.
Adaptimmune will receive an upfront payment of $150 million and
additional payments of $150 million over five years, unless the
agreement is terminated earlier. Adaptimmune may also be eligible
to receive research, development, regulatory and commercial
milestones payments potentially exceeding $3 billion.
Adaptimmune will also receive tiered royalties on net sales in
the mid-single to low-double digits.
Adaptimmune has the right to opt in to a 50/50 U.S. profit/cost
share on "off-the-shelf" products. If Adaptimmune elects to opt in,
it will be eligible to share 50% of profits and losses from U.S.
sales on such products and is eligible to receive ex-U.S.
regulatory and sales-based milestone payments, as well as royalties
on ex-U.S. net sales.
SVB Leerink raised its price target for Adaptimmune to $6 from
$5 a share, while maintaining its market perform
recommendation.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 07, 2021 13:17 ET (17:17 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Roche (QX) (USOTC:RHHBY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Roche (QX) (USOTC:RHHBY)
Historical Stock Chart
From Sep 2023 to Sep 2024