CASI Pharma in deal with Chinese firm on anti-CD19 T-cell therapy

Shares of US biopharma company CASI Pharmaceuticals (Nasdaq: CASI) were up 7.64% at $3.38 in pre-market trading this morning, after it revealed it has signed a license agreement for exclusive worldwide license and commercialization rights to an autologous anti-CD19 T-cell therapy product (CNCT19) from Juventas Cell Therapy, a China-based domestic company located in Tianjin City, China.

Juventas will continue to develop CNCT19 with CASI's participation on the program's steering committee. CASI will be responsible for payment of certain future development milestones and sales royalties.

In connection with the license, CASI Pharmaceuticals (Wuxi) Co Ltd, a joint venture in which CASI owns 80% of the registered capital, will invest 80 million renminbi (approximately $11.6 million) in Juventas through a wholly owned Chinese subsidiary in lieu of the upfront payment for the license.