Poseida rises on gene therapy development deal with Takeda
12/10/2021 15:38
** Drug developer's shares PSTX.O up ~5% at $6.95
** Co announces a research collaboration and exclusive
license agreement with Takeda Pharma 4502.T to use PSTX's
genetic engineering platforms for the research and development
of up to eight gene therapies urn:newsml:reuters.com:*:nPn8xSpB2a
** Poseida will receive an upfront payment of $45 mln and
milestone payments that together could potentially exceed $125
mln, with up to $2.7-3.6 bln of clinical milestones plus tiered
royalties
** The partnership is validating to both PSTX's
differentiated technologies and their gene therapy pipeline,
which has thus far been underappreciated by the market,
brokerage BTIG says
** "We view this transaction as transformative for Poseida
to execute on the pipeline and elevate their position as a
leading cell & gene therapy company," brokerage says
** Up to Monday's close, down ~37.5% YTD
(Reporting by Manojna Maddipatla in Bengaluru)
((manojna.kalyani@thomsonreuters.com; +91 8061822700;))