Autolus soars on deal granting Bristol Myers access to 'safety switch' tech

Autolus Therapeutics

04/10/2022 18:37

** Shares of cancer therapies developer Autolus Therapeutics
Plc  AUTL.O  jump 24% to $2.70 - set for their biggest one-day
pct gain since November last year
    ** AUTL enters into an agreement granting drugmaker Bristol
Myers Squibb  BMY.N  access to its proprietary 'safety switch'
for an initial set of selected cancer cell therapy programs
    ** Safety switches are meant to limit toxicities from
treatment and enable therapies to work in a hostile tumor
microenvironment- AUTL
    ** AUTL to receive an undisclosed upfront payment with the
potential for near-term option exercise fees and development
milestone payments
    ** Co would also be entitled to get royalties on net sales
of all BMY cell therapy products that incorporate the safety
switch
    ** 8 of 11 brokerages covering the stock rate "buy" or
higher, 3 "hold"; their median PT is $11 - Refinitiv data
    ** Including session's gain, stock still down 48% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))