Why Is Precision BioSciences Stock Soaring Today?
Portfolio Pulse from Vandana Singh
Precision BioSciences Inc (NASDAQ:DTIL) has completed a strategic transaction with Imugene Limited for global rights to Azercabtagene Zapreleucel (azer-cel), Precision's lead allogeneic CAR T candidate for cancer. Precision will receive upfront economics valued at $21 million in cash and equity, and is eligible for up to $198 million in additional milestone payments and double-digit royalties on net sales. The deal is expected to reduce Precision's annual operating spend by approximately $20 million and extend its cash runway through Q3 of 2025.
August 16, 2023 | 1:23 pm
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POSITIVE IMPACT
The strategic transaction with Imugene Limited is expected to significantly boost Precision BioSciences' financial position and extend its cash runway, which could positively impact its stock price.
The deal with Imugene Limited provides Precision BioSciences with significant upfront and potential milestone payments, which will strengthen its financial position. The reduction in annual operating spend and extension of cash runway are also positive for the company's financial stability, which could lead to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100