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.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze