March 6 Quick Takes: Adaptimmune acquiring TCR2 Therapeutics
Plus: BridgeBio gains on oral achondroplasia therapy data and updates from Esperion, Aclaris, Merck & Co., Voyager and more
Adaptimmune Therapeutics plc (NASDAQ:ADAP) is acquiring fellow TCR company TCR2 Therapeutics Inc. (NASDAQ:TCRR) in an all stock deal that effectively operates as a non-traditional financing, giving the combined company an additional year of cash beyond what Adaptimmune had alone.
Adaptimmune investors will own 75% of the combined company, which will have a cash runway into 2026. The biotech had previously said it had enough cash to operate into early 2025. The companies didn’t disclose their combined cash position, but at Dec. 31 Adaptimmune had $109.6 million, while TCR2 had $176 million at Sept. 30. The combined company will retain at least two of TCR2’s programs: TC-510, a mesothelin-targeted cell therapy that is in Phase I testing; and TC-520, which targets CD70 and is expected to be IND-ready next year. Adaptimmune expects to complete its BLA submission for afamitresgene autoleucel by mid-year to treat synovial sarcoma. Adaptimmune CEO Adrian Rawcliffe will lead the combined company. ...