Celgene (NASDAQ:CELG) inks an agreement with German outfit Immatics Biotechnologies GmbH for options to develop and commercialize three T cell receptor therapies, cancer treatments similar to CAR-Ts, but different in that they recognize targets inside cancer cells rather than on the surface.
Under the terms of the partnership, Celgene will pay Immatics $75M upfront, up to $505M in milestones for each program and tiered royalties on net sales. Immantics will be responsible for development through the lead candidate stage. Celgene will then have the opportunity to exercise its option to take over global development, manufacturing and commercialization.
Related ticker: (NYSE:BMY)
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