Caribou up on Pfizer's $25 million equity investment
06/07/2023 13:42
** Shares of drug developer Caribou Biosciences Inc CRBU.O
up 21.6% at $4.96 before the bell
** Co says Pfizer Inc PFE.N has made a $25 mln equity
investment in the company
** PFE purchased 4,690,431 of Caribou common shares at a
price of $5.33/share, pursuant to the terms of a securities
purchase agreement dated June 29, 2023
** The purchase by Pfizer closed on June 30, 2023 - CRBU
** CRBU to use the investment proceeds to advance its second
product candidate, CAR-T cell therapy - CB-011, currently being
tested in an early-stage trial to treat a type of cancer that
forms in plasma cells
** CRBU's treatment is made of T-cells, which are white
blood cells that have been genetically altered to make them
better able to spot and attack cancer
** Caribou and PFE on June 29 also entered into an
information rights agreement for CB-011, which has a 36-month
term, as per a regulatory filing
** Up to last close, stock down ~35% YTD
(Reporting by Pratik Jain in Bengaluru)
((Pratik.Jain@thomsonreuters.com;))