PSTX - Poseida Therapeutics (PSTX) Stock Rockets 79% on Roche Deal
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Poseida Therapeutics (NASDAQ:PSTX) stock is soaring on Wednesday after the clinical-stage biotechnology company announced a deal with Roche (OTCMKTS:RHHBY).
The agreement with Roche will have it working with Poseida Therapeutics to develop “allogeneic CAR-T therapies directed to hematologic malignancies.” This will grant Roche exclusive rights or options to develop and commercialize a collection of CAR-T programs from Poseida Therapeutics’ portfolio.
According to a press release, this deal has Poseida Therapeutics getting $110 million upfront from Roche. It also has the potential for another $110 million from near-term goals. Other milestones could net it up to $6 billion in total, and royalty payments are also included in the deal.
James Sabry, Global Head of Pharma Partnering at Roche, said the following about the deal.
“We are excited to partner with Poseida to further explore the potential of allogeneic cell therapies to transform cancer care by developing off-the-shelf products that can address high unmet medical needs for a broad patient population.”
The Deal Puts Extra Attention on PSTX Stock
Today’s news has PSTX stock experiencing heavy trading. This has some 47 million shares of the stock on the move as of this writing. That’s a massive surge in trading volume compared to the company’s daily average of about 231,000 shares.
PSTX stock is up 79% as of Wednesday afternoon. However, the stock is still down 38.1% since the start of the year.
Investors seeking out more stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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