Astellas, Poseida Announce Investment To Support Poseida's Commitment To Cancer Cell Therapy

(RTTNews) - Pharmaceutical companies Astellas Pharma Inc. (ALPMY.PK) and Poseida Therapeutics, Inc. (PSTX) announced Monday a strategic investment to support the advancement of Poseida's commitment to redefining cancer cell therapy.

Under the terms of the transaction agreements, Astellas will invest a total of $50 million, including $25 million to acquire 8.3 million shares of common stock of Poseida or approximately 8.8% of the outstanding common stock of Poseida, at $3.00 per share in a private placement.

It will also make a one-time $25 million payment for a right of exclusive negotiation and first refusal to license one of Poseida's clinical stage programs: P-MUC1C-ALLO1, an allogeneic CAR-T cell therapy in development for multiple solid tumor indications.

In addition, Poseida has granted Astellas a board observer seat, which includes the ability to attend Poseida's scientific advisory board meetings, and certain notice rights related to any potential change of control of Poseida.