(RTTNews.com) - Intrexon Corp.(XON) and its wholly-owned subsidiary Precigen said that Intrexon assumed agreement with Merck KGaA, Darmstadt, Germany, through its wholly-owned subsidiary Ares Trading, for the development of Chimeric Antigen Receptor T-cell (CAR-T) therapies, which are genetically engineered t-cells with synthetic receptors that recognize a specific antigen expressed on tumor cells.
Upon closing, the agreement will enable Precigen's complete autonomy of its CAR-T program and allow Merck KGaA, Darmstadt, Germany, to maintain an investment in the future potential of next generation CAR-T development.
As per the terms of the agreement, Merck KGaA, Darmstadt, Germany, will assign its exclusive CAR-T development rights to Intrexon, allowing Precigen to continue autonomous development of its proprietary CAR-T technology platform. Merck KGaA, Darmstadt, Germany will receive $150 million in Intrexon stock in exchange for assigning its CAR-T rights.
In addition to receiving $150 million of Intrexon common stock, this agreement also includes a further $25 million investment in Intrexon. In return, Merck KGaA, Darmstadt, Germany, will receive a $25 million convertible note, providing the option to receive either Precigen or Intrexon stock.
Read the original article on RTTNews (http://www.rttnews.com/2964578/merck-kgaa-to-assign-chimeric-antigen-receptor-t-cell-rights-to-intrexon.aspx)
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