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Investing.com -- Adaptimmune Therapeutics plc (NASDAQ:ADAP) stock plummeted 51% in pre-market trading after the company announced it would sell its cell therapy assets to US WorldMeds for $55 million in cash.
The deal includes the sale of TECELRA, lete-cel, afami-cel, and uza-cel cell therapies, with potential for up to $30 million in additional milestone payments. The transaction is expected to close before the end of the week, according to the company’s statement.
Adaptimmune CEO Adrian Rawcliffe cited the company’s financial situation as the driving factor behind the sale, stating that "securing the right strategic option was critical to maximize value for all of our stakeholders and importantly ensure our patients continue to receive TECELRA."
US WorldMeds will acquire all intellectual property rights exclusively related to these assets, while Adaptimmune will license additional intellectual property necessary for manufacturing and commercialization. US employees involved with these therapies will be offered positions at US WorldMeds.
Following the transaction, Adaptimmune plans to restructure to support US WorldMeds’ continued development of the sold therapies while focusing on maximizing value from its remaining assets, including PRAME and CD70 directed T-cell therapies.
TD Cowen served as financial advisor to Adaptimmune, with Ropes & Gray LLP providing legal counsel. The transaction will be financed through debt financing led by funds managed by Oaktree Capital Management, with participation from Athyrium Capital Management.
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