ACLX - Arcellx rises ~25% on collaboration deal with Gilead's Kite for lead myeloma candidate
- Arcellx ( NASDAQ: ACLX ) on Friday said it would co-develop and co-commercialize its lead late-stage product candidate CART-ddBCMA for the treatment of multiple myeloma with Kite, a Gilead Sciences ( NASDAQ: GILD ) company.
- Under the global strategic collaboration, ACLX will get an upfront payment of $225M and a $100M equity investment from Kite.
- ACLX stock jumped 24.5% to $27 after the opening bell.
- ACLX's CART-ddBCMA is a CAR-modified T-cell therapy, which is currently in phase 2 clinical development.
- As per the collaboration agreement, ACLX and Kite will co-commercialize and split profits in the U.S. Outside of the U.S., ACLX will receive low to mid-teen royalties.
- The transaction is expected to close in Q1 2023.
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Arcellx rises ~25% on collaboration deal with Gilead's Kite for lead myeloma candidate