Adaptimmune Sells Cell Therapies for $55 Million

By Hao Liu • Monday, July 28 10:22 • Permanent Link

Adaptimmune Therapeutics PLC (NASDAQ: ADAP) has announced the sale of its cell therapies, Tecelra, LeTe-cel, Afami-cel, and Uza-cel, to US WorldMeds for $55 million in cash, with potential future payments of up to $30 million based on certain milestones. The sale is expected to be completed before the end of the week.

Adaptimmune will retain rights to its preclinical assets, including PRAME, CD70, and its allogeneic program. It will also restructure to support the transition of the sold therapies to US WorldMeds and to maximize the value from its remaining assets.

The company's CEO, Adrian Rawcliffe, stated that securing the right strategic option was critical to maximize value for all stakeholders and to ensure patients continue to receive Tecelra. He emphasized that this transaction represents the best path forward for Adaptimmune, its patients, and stakeholders.

US WorldMeds plans to bring LeTe-cel to the market and continue the development of Uza-cel in collaboration with Galapagos. The acquisition is seen as a significant step forward for US WorldMeds, as it aims to advance and deliver these important therapies to patients in need.

Following the transaction, Adaptimmune intends to restructure to support the continued development of LeTe-cel, Tecelra, and Uza-cel by US WorldMeds and to maximize value from its remaining assets, including its PRAME and CD70 directed T-cell therapies.

Financial advisor TD Cowen and legal counsel Ropes & Gray LLP assisted Adaptimmune in the transaction, while legal counsel for US WorldMeds was provided by Gibson, Dunn & Crutcher LLP. The transaction will be financed by debt financing led by funds managed by Oaktree Capital Management, L.P., with participation from funds managed by Athyrium Capital Management, LP. Today the company's shares have moved 4.39% to a price of $0.3469. For the full picture, make sure to review Adaptimmune Therapeutics PLC's 8-K report.

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