PSTX - Poseida up 95% as Roche eyes CAR-T drugs in deal worth up to $6B

• The clinical-stage biotech Poseida Therapeutics ( NASDAQ: PSTX ) announced a broader partnership with Roche ( OTCQX:RHHBY ) ( OTCQX:RHHBF ) to jointly develop allogeneic CAR-T therapies in a deal valued at up to $6B.
• Extending the pre-market gains, the shares of the  San Diego, California-based Poseida  ( PSTX ) surged ~95% an hour after the market open.
• Per the terms, the Swiss pharma giant will receive either exclusive rights or options from Poseida ( PSTX ) to develop and sell multiple "off-the-shelf" CAR-T assets globally against the targets in multiple myeloma, B-cell lymphomas, and other hematologic malignancies.
• In return, Poseida ( PSTX ) will receive $110M of upfront payment in addition to $110M in near-term milestones and other payments within the 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).
• The deal with Roche ( OTCQX:RHHBY ) comes months after Poseida ( PSTX ) elevated its former President and Chief Business Officer, Mark Gergen, as its new Chief Executive.

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