ADragan
Adaptimmune Therapeutics (NASDAQ:ADAP) traded lower premarket Friday after the U.K.-based biotech announced the termination of a multi-year strategic collaboration it struck with Roche’s (OTCQX:RHHBY) (OTCQX:RHHBF) Genentech unit in 2021.
The agreement, established initially for eight years, aimed at launching cell therapies for various cancer indications using ADAP’s induced pluripotent stem cell ((iPSC))-derived allogeneic platform.
Per the terms, Adaptimmune (ADAP) received $150M upfront and was expected to receive $150M in additional payments over five years. It was also eligible to receive development and other milestone-based payments totaling as much as $3B.
“We’ve had a very valuable collaboration with our partner Genentech, and we continue to believe in the long-term potential of our iPSC-based allogeneic platform,” CEO Adrian Rawcliffe remarked.