TCR2 Therapeutics, Inc. (NASDAQ: TCRR) operates as a clinical-stage immunotherapy company, which is focused on the research and development of novel T-cell receptor therapies for patients undergoing care for cancer. Shares of the immunotherapeutic company are rallying 31% through early trading on Monday, March 6, 2023. Over the past three months, TCR2 Therapeutics has seen average daily volume of 270,400 shares. However, volume of 12.26 million shares or dollar volume of around $19.37 million, has already exchanged hands through early trading.
Shares of TCR2 Therapeutics are gaining after the company announced that it has entered into a definitive agreement to merge with Adaptimmune Therapeutics plc (NASDAQ: ADAP) in an all-stock transaction for an undisclosed total transaction value. Under the terms of the merger, TCR2 Therapeutics shareholders will receive 1.5117 Adaptimmune ADS for each TCRR share. As a result, Adaptimmune shareholders will own ~75% of the combined company and TCR2 Therapeutics shareholders will own ~25% of the combined company post-merger.
Both companies see substantial benefits across clinical development and product delivery from its proposed strategic combination. As a result of the perceived synergies and complementary technological platforms, the combined company’s cash runway is estimated to extend in 2026, once the transaction is closed.
The combined company would become an instant major new player in the cell therapy space, specifically for treating solid tumors. This represents a massive market opportunity that still has not seen a strong involvement from a cell therapy basis.
In addition, the combined company will hold two clinically-validated and complementary technology platforms in SPEAR and TRuC T-cells. This will allow for the enablement of both intracellular targets and extracellular targets, which broadens the number of addressable cancers that can be potentially targeted.
Garry Menzel, Ph.D., President and Chief Executive Officer of TCR2 Therapeutics: “The strategic rationale for this combination and the operating benefits are highly compelling for both Adaptimmune and TCR² shareholders. The combination of our two companies not only sets the stage for near-term execution but also positions the new company for the longer-term. We jointly have an array of next-generation innovations that we will integrate to address the tumor micro-environment using both autologous and allogeneic approaches. Focus and specialization are critical in the cell therapy space and we believe the combined company has the technologies necessary to succeed. I am delighted that this combination provides a strong foundation to commercialize curative therapies for people with cancer.”
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The post TCR2 Therapeutics (NASDAQ: TCRR) and Adaptimmune Therapeutics (NASDAQ: ADAP) Announce Strategic Merger to Leverage Technologies and Create a New Major Cell Therapy Company appeared first on Spotlight Growth.