Precision BioSciences licenses azer-cel to TG Therapeutics for $17.5M upfront, up to $288M milestones

PRECISION BIOSCIENCES INC

Precision grants TG Therapeutics exclusive license for non-oncology applications of azer-cel, receiving $17.5M in upfront and near-term payments.
TG Therapeutics to purchase 2,920,816 shares of Precision common stock at $0.77 per share, a 100% premium to 30-day VWAP.
Precision expects $116M cash as of Dec 31, 2023; combined with deal payments extends cash runway into first half 2026.
Potential milestone payments up to $288.6M and tiered royalties from mid-single to low-double digit on net sales.
License covers autoimmune diseases and other non-oncology indications; Precision retains oncology rights with Imugene.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PRECISION BIOSCIENCES INC entered into License Agreement with TG Cell Therapy, Inc. and TG Therapeutics, Inc. valued at upfront cash payment of $10.0 million (effective 2024-01-07).

Action: entry
Agreement: license
Counterparty: TG Cell Therapy, Inc. and TG Therapeutics, Inc.
Value: upfront cash payment of $10.0 million
Effective: 2024-01-07

Exact text from the filing

On January 7, 2024 (the “Effective Date”), Precision BioSciences, Inc. (the “Company”) entered into a License Agreement (the “License Agreement”) with TG Cell Therapy, Inc. (“TG Subsidiary”) and its parent company TG Therapeutics, Inc. (“TG Parent” and, together with TG Subsidiary, “TG Therapeutics”), pursuant to which the Company granted TG Subsidiary certain exclusive and non-exclusive license rights to develop, manufacture, and commercialize non-oncological applications of the Company’s allogeneic CAR T therapy azer-cel (collectively, the “Licensed Product”) pursuant to the terms of the License Agreement.

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Source: SEC EDGAR

accession 0000950170-24-003761

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