Precision BioSciences, Inc. DTIL shares are trading higher Tuesday after the company announced it has signed a licensing agreement with TG Therapeutics, Inc. TGTX.
The Details:
Precision announced the completion of a strategic transaction with TG Therapeutics, Inc. for an exclusive license to develop Azercabtagene Zapreleucel (azer-cel) for autoimmune diseases. Precision will receive $17.5 million in upfront and near-term payments with the potential for up to $288 million in future development milestone payments.
"We are excited to extend the utility of our allogeneic CAR T assets into immunology by collaborating with TG Therapeutics as they advance novel treatments for B-cell diseases. Key factors in our decision to partner with the TG team include their recent development, regulatory and commercial successes in the multiple sclerosis space, which we believe are strong indicators of the commitment and expertise they will bring to the development of azer-cel in autoimmune diseases," said Michael Amoroso, CEO of Precision BioSciences.
Precision BioSciences shares are moving on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 26 million shares have already been traded in the session, far exceeding the stock's 100-day average volume of 938,000 shares.
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DTIL Price Action: According to Benzinga Pro, Precision BioSciences shares are up 9% at 43 cents at the time of publication.
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