Celgene in $1 billion CAR-T deal with Juno
US biotech major Celgene Corp (Nasdaq: CELG) has entered into a collaboration with fellow-USA-based and Juno Therapeutics (Nasdaq: JUNO) for the development and commercialization of immunotherapies. News of the deal sent Juno’s shares rocketing 37% to $63.50 in after-hours trading on Monday.
Under the terms of the 10-year agreement, Celgene will make an initial payment of around $1 billion which includes the purchase of about 9.1 million - or $ 846.3 million - shares of Juno stock at $93.00 per share, with the potential to increase its stake over time to as much as 30%.
The two companies will leverage T cell therapeutic strategies to develop treatments for patients with cancer and autoimmune diseases with an initial focus on chimeric antigen receptor technology (CAR-T) and T cell receptor (TCR) technologies.
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