Precision BioSciences Completes Strategic $227M Transaction with Imugene for CAR-T Therapy
17 August 2023
Collaborations, Mergers & Acquisitions
Finance & Investment
Precision is eligible to receive up to $227 million in upfront economics and milestone payments for its Azer-Cel CAR-T therapy in which Imugene is to assume control of Precision’s Cell therapy infrastructure in pursuit of a Biologics License Application for Azer-Cel in LBCL Patients who relapse following CAR-T Treatment. The license also includes an option to develop up to three other cancer research programs in the future.
“We are very pleased to partner with Imugene as they plan to leverage azer-cel’s clinical data package and recent regulatory feedback to continue its path toward a pivotal trial in LBCL and potentially help patients in dire need,” said Michael Amoroso, CEO, Precision BioSciences.
Clinical-stage gene editing company Precision BioSciences has announced the completion of a strategic transaction with Imugene Limited for the global rights to Precision’s lead allogeneic CAR-T candidate, Azercabtagene Zapreleucel (azer-cel). Imugene will assume ongoing clinical execution for azer-cel in the large B-cell lymphoma (LBCL) patient population who have relapsed following autologous CAR-T treatment.
Precision is dedicated to improving life with its novel and proprietary ARCUS® genome editing platform, a highly precise and versatile genome editing platform. The Company’s pipeline consists of several in vivo gene editing candidates designed to cure genetic and infectious diseases where no adequate treatments exist.
“As we pivot our full attention and resources to leveraging the core features of ARCUS for differentiated in vivo gene editing programs, we are prepared to capitalize on the utility of ARCUS to produce a profound impact on diseases in the liver and beyond, including those that are best suited for gene insertion or excision of large defective gene sequences. We look forward to providing additional updates about our in vivo gene editing progress at our upcoming R&D event on September 12, 2023,” added Amoroso.
Leslie Chong, CEO and Managing Director at Imugene Limited added:
“After an extensive review of the allogeneic CAR-T landscape, we are excited to progress what we believe is the most advanced allogeneic CAR-T program – azer-cel, which has regulatory feedback and a broad data set.”
Precision will receive upfront economics valued at $21 million consisting of cash and equity in exchange for global rights to azer-cel for cancer as well as Precision BioSciences’ CAR-T infrastructure and its experienced cell therapy teams. Upon successful completion of the Phase Ib dosing in the CAR-T relapsed LBCL patient population, Precision will be eligible for an $8 million near-term payment in cash and equity. For azer-cel, Precision is eligible to receive up to $198 million in additional milestone payments and double-digit royalties on net sales. For each additional research program selected by Imugene, Precision is eligible for up to $145 million in milestone payments and tiered royalties on net sales.
Precision’s PBCAR19B stealth cell and its CAR-T assets targeting multiple myeloma and all rights to non-oncology indications for azer-cel remain available for development through partnership only.