Poseida is a clinical-stage biotechnology
company dedicated to advancing a new class of cancer cell therapy
and gene therapy products using genetic engineering
technologies
Astellas to invest a total of $50 million to acquire approximately
8.8% of Poseida and to receive a right of exclusive
negotiation and first refusal for any potential partnering of
P-MUC1C-ALLO1, an allogeneic CAR-T cell therapy product candidate
for solid tumors
Astellas will have the right to designate an
observer on the Poseida Board of Directors and Poseida's scientific
advisory board
TOKYO and SAN
DIEGO, Aug. 7, 2023 /PRNewswire/ -- Astellas
Pharma Inc. (TSE: 4503, President and CEO: Naoki Okamura,
"Astellas") and Poseida Therapeutics, Inc. (NASDAQ: PSTX, CEO:
Mark Gergen, "Poseida") today
announced 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 8,333,333 shares of
common stock of Poseida (approximately 8.8% of the outstanding
common stock of Poseida) at $3.00 per
share in a private placement and 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.
Astellas has established the Focus Area Approach for its
research and development strategy. One of Astellas' Primary Focuses
within the strategy is immuno-oncology. Astellas is committed to
developing next-generation immuno-oncology drugs using
multi-functional platforms. Its portfolio includes oncolytic
viruses, bispecific immune cell engagers, small molecules, and cell
therapy platforms.
Poseida is engaged in the research and development of cell and
gene therapies for cancer and rare genetic diseases by leveraging
its proprietary genetic editing platforms. In oncology, Poseida has
a broad pipeline of allogeneic CAR-T cell therapy product
candidates for both solid and liquid tumors, including
P-MUC1C-ALLO1, which is in Phase 1 development for the treatment of
multiple solid tumor indications.
"By leveraging our extensive expertise, experience in cancer
biology and unique technologies, we are focused on reinvigorating
the immune system's ability to discover, disarm and destroy cancers
in more patients. We are pursuing this ambitious goal through
innovative and multifunctional modality platforms, using the
capabilities at our global R&D sites as well as through
partnership with external expert partners," said Adam Pearson, Chief Strategy Officer, Astellas.
"We believe that this investment fits strategically with our
long-term vision of expanding our capability in immuno-oncology and
will ultimately lead to the development of new therapeutics for
patients in need of cancer immunotherapy."
"We are excited to enter this strategic relationship with
Astellas, a premier biopharmaceutical company that shares our
long-term vision that cell and gene therapies represent an exciting
growth area for the development of innovative medicines for
improving patient care," said Mark
Gergen, Poseida's Chief Executive Officer. "This investment
further validates the potential of our proprietary genetic
engineering technology platform and cell therapy approach, and we
look forward to working with Astellas to advance our shared vision
and explore future opportunities for collaboration to further
unlock that potential."
About P-MUC1C-ALLO1
P-MUC1C-ALLO1 is an allogeneic
CAR-T product candidate in Phase 1 development for multiple solid
tumor indications. Poseida believes P-MUC1C-ALLO1 has the potential
to treat a wide range of solid tumors derived from epithelial
cells, such as breast, ovarian, colorectal, lung, pancreatic and
renal carcinomas, as well as other cancers expressing a
cancer-specific form of the Mucin 1 protein, or MUC1-C.
P-MUC1C-ALLO1 is designed to be fully allogeneic, with genetic
edits to eliminate or reduce both host-vs-graft and graft-vs-host
alloreactivity. Poseida has demonstrated the elimination of tumor
cells to undetectable levels in preclinical models of both breast
and ovarian cancer. Additional information about the Phase 1 study
is available at www.clinicaltrials.gov using identifier:
NCT05239143.
About Astellas
Astellas Pharma Inc. is a
pharmaceutical company conducting business in more than 70
countries around the world. Astellas is promoting the Focus Area
Approach that is designed to identify opportunities for the
continuous creation of new drugs to address diseases with high
unmet medical needs by focusing on Biology and Modality.
Furthermore, Astellas is also looking beyond its foundational Rx
focus to create Rx+® healthcare solutions that combine
its expertise and knowledge with cutting-edge technology in
different fields of external partners. Through these efforts,
Astellas stands on the forefront of healthcare change to turn
innovative science into VALUE for patients. For more information,
please visit the Astellas website at
https://www.astellas.com/en.
About Poseida Therapeutics, Inc.
Poseida Therapeutics
is a clinical-stage biopharmaceutical company advancing
differentiated cell and gene therapies with the capacity to cure
certain cancers and rare diseases. Poseida's pipeline includes
allogeneic CAR-T cell therapy product candidates for both solid and
liquid tumors as well as in vivo gene therapy product candidates
that address patient populations with high unmet medical need.
Poseida's approach to cell and gene therapies is based on its
proprietary genetic editing platforms, including its non-viral
piggyBac® DNA Delivery System, Cas-CLOVER™ Site-Specific
Gene Editing System and nanoparticle and hybrid gene delivery
technologies. Poseida has formed a global strategic collaboration
with Roche to unlock the promise of cell therapies for patients.
Learn more at www.poseida.com and connect with Poseida on
Twitter and LinkedIn.
Cautionary Notes (Astellas)
In this press release, statements made with respect to current
plans, estimates, strategies and beliefs and other statements that
are not historical facts are forward-looking statements about the
future performance of Astellas. These statements are based on
management's current assumptions and beliefs in light of the
information currently available to it and involve known and unknown
risks and uncertainties. A number of factors could cause actual
results to differ materially from those discussed in the
forward-looking statements. Such factors include, but are not
limited to: (i) changes in general economic conditions and in laws
and regulations, relating to pharmaceutical markets, (ii) currency
exchange rate fluctuations, (iii) delays in new product launches,
(iv) the inability of Astellas to market existing and new products
effectively, (v) the inability of Astellas to continue to
effectively research and develop products accepted by customers in
highly competitive markets, and (vi) infringements of
Astellas' intellectual property rights by third parties.
Information about pharmaceutical products (including products
currently in development) which is included in this press release
is not intended to constitute an advertisement or medical
advice.
Forward-Looking Statements (Poseida)
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include statements
regarding, among other things, the timing and completion of the
private placement and receipt of the one-time payment; the
potential benefits of Poseida's relationship with Astellas; the
potential for Astellas to exercise any of its strategic rights; the
potential for Poseida to consummate a change of control transaction
or P-MUC1C-ALLO1 transaction, if any, with any third party,
including Astellas; expected plans with respect to clinical trials;
anticipated timelines and milestones with respect to Poseida's
development programs; the potential capabilities and benefits of
Poseida's technology platforms and product candidates; and
Poseida's plans and strategy with respect to developing its
technologies and product candidates. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are based upon
Poseida's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, customary closing
conditions related to the private placement; Poseida's reliance on
third parties for various aspects of its business; risks and
uncertainties associated with development and regulatory approval
of novel product candidates in the biopharmaceutical industry; and
the other risks described in Poseida's filings with the Securities
and Exchange Commission. All forward-looking statements contained
in this press release speak only as of the date on which they were
made. Poseida undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made, except as required by law.
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SOURCE Poseida Therapeutics, Inc.
