TCR2 Therapeutics surges on Adaptimmune buyout

Adaptimmune Therapeutics

06/03/2023 12:45

(Updates)
    ** Shares of drug developer TCR2 Therapeutics Inc  TCRR.O 
rise as much as 74% to $2.10 premarket after UK-based
Adaptimmune Therapeutics  ADAP.O  agrees to buy co in an
all-stock transaction to bolster its pipeline of cancer
therapies
    ** ADAP shares sink over 27% to $1.28 before the bell 
    ** TCR2 says its stockholders will receive 1.5117
Adaptimmune ADS for each TCR2 share, representing a deal value
of nearly $103 mln 
    ** Shareholders of Adaptimmune to own ~75% of the combined
company, while those of TCR2 will hold the rest
    ** After the deal's closing, combined company's cash runway
expected to extend into 2026
    ** TCR2 shares slumped ~52% in the past 12 months, while
ADAP fell ~14%  

 (Reporting by Raghav Mahobe and Bhanvi Satija in Bengaluru)
 ((Raghav.Mahobe@thomsonreuters.com))