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Investing.com — Shares of Century Therapeutics Inc (NASDAQ:IPSC) rose more than 13% Monday on the back of news it has entered into a research collaboration and license agreement with Bristol-Myers Squibb Company (NYSE:BMY) to Develop induced pluripotent stem cell-derived Allogeneic Cell Therapies.
The first two programs between the companies include one in acute myeloid leukemia and another in multiple myeloma. In addition, Bristol Myers Squibb has the option to add two more programs.
“Bristol Myers Squibb is an ideal partner for us because they bring extensive clinical development and scientific expertise in cell therapy that will increase the probability of technical success of these programs,” said Lalo Flores, CEO of Century Therapeutics.
Adding: “Additionally, this collaboration will enable deployment of our next-generation iPSC platform to develop products targeting malignancies that are difficult for biotech companies to tackle on their own.”
Century Therapeutics will receive $150 million in cash, incorporating a $100 million upfront payment and a $50M equity investment. There is the potential for an additional $3 billion in payments plus royalties on global net product sales across multiple programs.
Following the deal, Piper Sandler analyst Edward Tenthoff said it is a “transformative alliance” for Century, adding that it is a “smart partnership.”
