Poseida Therapeutics Inc PSTX shares are trading higher after the company received a $50 million strategic investment by Astellas Pharma Inc ALMPY ALMPF.
The investment included the purchase of 8.33 million shares at $3.00 per share for an aggregate purchase price of $25 million and an additional $25 million one-time payment for certain strategic rights.
The company says it is implementing enhancements to ongoing allogeneic programs based upon significant learnings and adjusting guidance on clinical data updates.
As previously announced, Poseida's gene therapy collaboration with Takeda Pharmaceutical Company Limited TAK was terminated in July 2023. The company is evaluating the returning Takeda programs and its internal gene therapy programs to determine which programs it will prioritize and progress internally.
In addition, the company is actively evaluating the potential to leverage these gene therapy programs through business development. The company intends to provide an update on this evaluation when complete.
The investment from Astellas can extend the cash runway into early 2025.
Price Action: PSTX shares are up 23% at $2.01 on the last check Monday.
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