TCR2 Therapeutics surges on Adaptimmune buyout

Adaptimmune Therapeutics

06/03/2023 15:09

(Updates)
    ** Shares of drug developer TCR2 Therapeutics Inc  TCRR.O 
jump 29% to $1.56 in early trade after buyout offer
        ** UK-based Adaptimmune Therapeutics  ADAP.O  agrees to
buy co in all-stock transaction to bolster its pipeline of
cancer therapies
    ** ADAP shares sink nearly 27% to $1.29 
    ** TCR2 stockholders will receive 1.5117 Adaptimmune ADS for
each TCR2 share, implying per-share offer of $2.66 - more than
2x premium to Friday's close
    ** Shareholders of Adaptimmune to own ~75% of the combined
company, while those of TCR2 will hold the rest
    ** After deal's closing, combined company's cash runway
expected to extend into 2026
    ** TCR2 shares slumped ~52% in past 12 months, while ADAP
fell ~14%

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