(RTTNews) - Kite, a Gilead Company (GILD) Wednesday announced expansion of its partnership with Arcellx, Inc. (ACLX) by investing in Arcellx's ACLX001 ARC-SparX program in multiple myeloma.
Arcellx will receive $200 million equity investment at $61.68 per share, and an upfront payment of $85 million in cash, which is expected to extend the company's cash runway into 2027.
In December 22, the companies have announced collaboration to co-develop and co-commercialize Arcellx's lead late-stage product candidate, CART-ddBCMA, for the treatment of patients with relapsed or refractory multiple myeloma.
The companies have also expanded the scope of the collaboration for Arcellx's CART-ddBCMA to include lymphomas.
The transaction is expected to close around year-end 2023.
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