Adaptimmune Agrees To Merge With Another Cell Therapy Focused Company

  • Adaptimmune Therapeutics plc ADAP is merging with TCR² Therapeutics Inc TCRR in an all-stock deal to create a cell therapy company focused on treating solid tumors.
  • The lead clinical franchises for the combined company utilize engineered T-cell therapies targeting MAGE-A4 and mesothelin. 
  • These targets are expressed on a broad range of solid tumors. 
  • Related: TCR2 Therapeutics Shares Jump After Additional Reponses in Ovarian Cancer, Mesothelioma.
  • The combined company also has a preclinical pipeline of additional target opportunities, with development initially focused on PRAME and CD70.
  • With a cash runway extended into early 2026, the new company will keep the Adaptimmune name and be run by the same team led by Adaptimmune CEO Adrian Rawcliffe.
  • Also Read: GSK Transfers Cell Therapy Program Rights To Adaptimmune, Terminates Second Cell Therapy Pact In A Day
  • Shareholders of Adaptimmune will emerge as the majority owner of the new company, owning around 75% of the shares. 
  • The transaction is currently expected to close in Q2 2023.
  •  As of December 31, 2022, Adaptimmune had cash and cash equivalents of $108.0 million.
  • The company reported Q4 sales of $11.03 million, beating the consensus of $4.12 million.
  • Q4 EPS came in at $(0.18) better than the analyst estimate of $(0.25).
  • Price Action: ADAP shares are down 20.70% at $1.40, and TCRR shares are up 33.80% at $1.62 on the last check Monday.
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