RHHBF - Poseida jumps 56% as Roche eyes CAR-T drugs in deal worth up to $6B
- The shares of clinical-stage biotech Poseida Therapeutics ( NASDAQ: PSTX ) spiked ~56% in the pre-market Wednesday after the company announced a partnership with Roche ( OTCQX:RHHBY ) ( OTCQX:RHHBF ) to jointly develop allogeneic CAR-T therapies in a deal valued at up to $6B.
- Per the terms, the Swiss pharma giant will receive either exclusive rights or options from Poseida to develop and sell multiple "off-the-shelf" CAR-T assets globally against the targets in multiple myeloma, B-cell lymphomas and other hematologic indications.
- In return, Poseida will receive $110M of upfront payment in addition to $110M near-term milestones and other payments within next several years. Notably, the company is entitled to receive up to $6B worth of milestones and other payments based on research, development, launch, and net sales.
- The completion of the agreement is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act).
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Poseida jumps 56% as Roche eyes CAR-T drugs in deal worth up to $6B