June 2, 2016 11:29am
KITE and Cell Design Labs announce a research collaboration and license agreement to develop next generation, precision-controlled CAR product candidates
My pre-open prognostication was on TARGET
Under the agreement, Cell Design Labs will develop "on/off switches" for KITE's CAR T-cell pipeline.
The Bottom Line: KITE will receive exclusive worldwide rights to develop and commercialize CAR T-cell therapies containing Cell Design Labs' "on/off switches" directed to certain targets for the treatment of acute myeloid leukemia.
KITE also has the exclusive option to develop and commercialize CAR T-cell products containing "on/off switches" directed to certain targets for the treatment of B-cell malignancies.
KITE will pay Cell Design Labs an upfront payment and additional payments to support Cell Design Labs' research.
Cell Design Labs will be eligible to receive milestone payments based upon the successful achievement of pre-specified research, clinical, regulatory and commercial milestones, as well as tiered royalties on product sales.
KITE closed at $50.87 and is UP +3.88% as the market opened - BUY