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Cellectis, Pfizer in CAR T deal

June 19, 2014 12:56 AM UTC

Cellectis S.A. (Euronext:ALCLS) jumped EUR 4.74 (76%) to EUR 10.94 on Wednesday after the company and Pfizer Inc. (NYSE:PFE) partnered to develop cancer immunotherapies using Cellectis' chimeric antigen receptor (CAR) T cell technology. Pfizer has exclusive, worldwide rights to develop and commercialize CAR T therapies against 15 targets selected by the pharma and four targets selected by Cellectis. The companies will jointly conduct preclinical research. Pfizer will be responsible for development and commercialization of any therapies for the targets it selects and will have right of first refusal for therapies for the targets selected by Cellectis.

Cellectis will receive $80 million up front, as well as R&D funding. Cellectis is eligible for up to $185 million in milestones per Pfizer product, plus tiered royalties. Pfizer will also buy about a 10% stake in Cellectis through the purchase of company shares at EUR 9.25. If the equity sale is not approved by Cellectis shareholders, Pfizer has the option to terminate the collaboration agreement. ...