Century Therapeutics Shares Rise 12% Premarket After Bristol Myers Deal
10 Janeiro 2022 - 10:21AM
Dow Jones News
By Chris Wack
Century Therapeutics Inc. shares were up 12% to $14.79 in
premarket trading Monday after the company said it was in a
research collaboration and license agreement with Bristol Myers
Squibb Co.
The company said the agreement is to develop and commercialize
up to four induced pluripotent stem cell derived, engineered
natural killer cell and/or T cell programs for hematologic
malignancies and solid tumors.
The first two programs include a program in acute myeloid
leukemia and a program in multiple myeloma, which could incorporate
either the iNK or a gamma delta iT platform. Bristol Myers has the
option to add two additional programs which can be nominated
subject to certain conditions agreed with Century in the
agreement.
Century said that it will be responsible for development
candidate discovery and preclinical development activities.
Thereafter, Bristol Myers Squibb will be responsible for clinical
development and commercialization activities subject to Century's
co-promotion rights on certain programs.
Under the terms of the agreement, Century will receive a $100
million upfront payment and Bristol Myers Squibb will make a $50
million equity investment in Century Therapeutics' common stock at
a price of $23.14 a share.
Century said that it will receive reimbursement of certain
preclinical development costs for development candidates licensed
by Bristol Myers Squibb, and is eligible for additional payments
for future program initiations and development, regulatory, and
commercial milestone payments totaling more than $3 billion across
the four potential programs. Century will also receive tiered
royalties as a percentage of global net sales in the high-single to
low-double digits.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 10, 2022 08:06 ET (13:06 GMT)
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