TCR2 Therapeutics surges on Adaptimmune buyout deal

TCR2 Therapeutics

06/03/2023 11:39

** Shares of drug developer TCR2 Therapeutics Inc  TCRR.O 
rise ~43% to $1.73 premarket
    ** UK-based Adaptimmune Therapeutics  ADAP.O  to buy TCR2 in
an all-stock transaction to bolster its pipeline of cancer
therapies
    ** TCR2 stockholders will receive 1.5117 Adaptimmune ADS for
each TCR2 share
    ** Adaptimmune shareholders to own ~75% of the combined
company, while TCR2 stockholders to own the rest
    ** After the deal's closing, combined company's cash runway
expected to extend into 2026
    ** TCR2 shares have fallen ~52% in the past 12 months

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com))