Adaptimmune and TCR² Therapeutics plan merger

6 March 2023

Shares of UK cell therapy specialist Adaptimmune Therapeutics (Nasdaq: ADAP) and Cambridge, USA-based TCR² Therapeutics (Nasdaq: TCRR) moved in opposite directions this morning, as they announced plans to merge. Adaptimmune fell almost 19% to $1.43, while TCR² leapt 30% to $1.58.

Following the all-stock transaction, currently expected to close in second-quarter 2023, Adaptimmune shareholders will own ~75% and TCR² Therapeutics stockholders will own ~25% of the combined company, and will create a preeminent cell therapy company focused on treating solid tumors.

The combination provides extensive benefits for clinical development and product delivery supported by complementary technology platforms. As a result, and following the closing of the transaction, it is anticipated that the combined company's cash runway will extend into 2026.

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