By Dean Seal
Shares of Poseida Therapeutics tripled after the company agreed to be acquired by Roche in a deal worth up to $1.5 billion.
The stock was changing hands at $9.21 in premarket trading on Tuesday. Shares closed yesterday's trading session at $2.86.
The clinical-stage cell and gene therapy company said Tuesday that it would be acquired for about $1 billion, or $9 a share, and additional performance-related payments worth up to $4 a share.
The two companies have been working together since 2022 to develop CAR-T cell therapies for patients with hematological malignancies.
Roche is also acquiring Poseida Therapeutics' other cell-therapy candidates as well as related manufacturing capabilities and platform technologies.
The transaction is expected to complete in the first quarter of 2025.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 26, 2024 06:52 ET (11:52 GMT)
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