Cellectis Shares Soar Premarket on AstraZeneca Deal
01 Novembre 2023 - 12:52PM
Dow Jones News
By Colin Kellaher
Shares of Cellectis took flight in premarket trading Wednesday
after the clinical-stage biotechnology company inked a lucrative
research collaboration and investment agreement with drug giant
AstraZeneca.
Under the agreement, Cellectis said it will receive an upfront
payment of $25 million and an initial equity investment by
AstraZeneca of $80 million at $5 a share, more than five times
Tuesday's closing price of 97 cents.
The investment will give AstraZeneca roughly 22% of Cellectis'
share capital and 21% voting rights.
Cellectis said it also signed a memorandum of understanding for
an additional $140 million equity investment from AstraZeneca.
Cellectis said the collaboration will use its gene-editing
technologies and manufacturing capabilities to design novel cell-
and gene-therapy candidates.
The company said it will be eligible to receive an
investigational new drug option fee and development, regulatory and
sales-related milestone payments ranging from $70 million to $220
million for each of 10 candidate products, along with royalties on
sales.
Cellectis shares were recently up nearly 160% to $2.51 in
premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 01, 2023 07:37 ET (11:37 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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