Adaptimmune Therapeutics (ADAP) : GSK exercises option over SPEAR T-cell therapy program

Adaptimmune Therapeutics announces that GlaxoSmithKline (GSK) has exercised its option under 2014 license agreement

Adaptimmune will receive up to ~$61 million from GSK over the course of the transition period.

• This includes development milestones of up to ~$23 million and the option payment of ~$38 million, which also allows GSK to nominate two additional targets following completion of the transition.
• Successful continuation of development and subsequent commercialization of NY-ESO would trigger additional payments for development milestones, tiered sales milestones, and mid-single to low double-digit royalties on worldwide net sales.
• Co states, "From a financial perspective, this option exercise extends our cash runway into 2020. We anticipate the transition of NY-ESO to GSK to be completed over the coming months, after which we will focus our clinical resources on delivery and execution from our wholly-owned assets MAGE-A4, MAGE-A10, and AFP."

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