Poseida Therapeutics, Inc. (NASDAQ: PSTX) is engaged as a clinical-stage biopharmaceutical company, which is focused on the research and development of next-generation cell therapies using its proprietary genetic engineering platform. Shares of the biopharma company are soaring 73% through afternoon trading on Wednesday, August 3, 2022. Over the past three months, Poseida Therapeutics has seen average daily volume of 232,610 shares. However, volume of 48.42 million shares or dollar volume of around $201.91 million, has already exchanged hands through afternoon trading.
Shares of Poseida Therapeutics are surging after the company announced it has entered into a global strategic collaboration and license agreement with Roche. The collaboration will be centered around developing allogeneic CAR-T therapies to treat hematologic malignancies. The two companies will focus on the research and development of exisint and “off-the-shelf” cell therapies to target multiple myeloma, B-cell lymphomas and other hematologic ailments.
Under the terms of the agreement, Poseida will grant Roche exclusive rights or the option to develop and commercialize allogeneic CAR-T programs within Poseida’s portfolio. Poseida Therapeutics has agreed to conduct Phase 1 clinical studies and manufacture clinical materials for its CAR-T portfolio before turning them over to Roche.
In exchange, Poseida Therapeutics will receive $110 million upfront and the option to receive an additional $110 million in near-term milestones over the next several years. In addition, the company could earn up to $6 billion from tiered net sales royalties, research, development, launch and more.
“We are thrilled that Roche has embraced the opportunity to partner with us and use Poseida’s unique allogeneic approach to develop CAR-T product candidates,” said Devon J. Shedlock, Ph.D., Chief Scientific Officer, Cell Therapy at Poseida. “Using our proprietary technologies and manufacturing process including our booster molecule, we have the potential to develop and manufacture a product with high levels of stem cell memory T cells, which are correlated with potent antitumor efficacy in the clinic, at a scale that can potentially reach more patients and enable broad commercial use.”
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