Poseida Therapeutics Shares Rise 18% After Licensing Deal With Xyphos Biosciences
By Chris Wack
Poseida Therapeutics shares were up 18% to $2.86 after the company said it entered into a research collaboration and license agreement with Astellas Pharma's Xyphos Biosciences subsidiary.
The agreement will allow the development of novel convertibleCAR programs, types of cancer treatments, by combining the cell therapy platforms from each of the companies.
Under the terms of the agreement announced Wednesday, the companies plan to combine Poseida's proprietary allogeneic CAR-T platform with Xyphos' Accel technology to target solid tumors.
Xyphos will reimburse Poseida for costs incurred as part of the research agreement and will be responsible for the development and future commercialization of products generated from the collaboration. Poseida will receive $50 million upfront plus potential development and sales milestones and contingency payments of up to $550 million.
Poseida is eligible for up to low double-digit tiered royalties as a percentage of net sales.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 01, 2024 12:54 ET (16:54 GMT)
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