Cellectis Shares Soar Premarket on AstraZeneca Deal
By Colin Kellaher
Shares of Cellectis took flight in premarket trading Wednesday after the clinical-stage biotechnology company inked a lucrative research collaboration and investment agreement with drug giant AstraZeneca.
Under the agreement, Cellectis said it will receive an upfront payment of $25 million and an initial equity investment by AstraZeneca of $80 million at $5 a share, more than five times Tuesday's closing price of 97 cents.
The investment will give AstraZeneca roughly 22% of Cellectis' share capital and 21% voting rights.
Cellectis said it also signed a memorandum of understanding for an additional $140 million equity investment from AstraZeneca.
Cellectis said the collaboration will use its gene-editing technologies and manufacturing capabilities to design novel cell- and gene-therapy candidates.
The company said it will be eligible to receive an investigational new drug option fee and development, regulatory and sales-related milestone payments ranging from $70 million to $220 million for each of 10 candidate products, along with royalties on sales.
Cellectis shares were recently up nearly 160% to $2.51 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 01, 2023 07:36 ET (11:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
The 10 Best Companies to Invest in Now
-
New 4-Star Stocks
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth