TCR² Therapeutics (NASDAQ:TCRR) shares are trading higher on Monday after the company and Adaptimmune Therapeutics (NASDAQ:ADAP) announced an agreement under which the two companies will combine to create a cell therapy company focused on solid tumor treatment.
Under the all-stock transaction, Adaptimmune shareholders will own 75% of the combined company and TCR² shareholders will own 25%.
Garry Menzel, Ph.D., President and Chief Executive Officer of TCR2 Therapeutics, said “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.”
TCR2 Therapeutics is a biotechnology company developing T cell hematologic cancer immunotherapies.
Adaptimmune is a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapy products for cancer patients.
TCRR Price Action: TCR2 has a 52-week high of $3.88 and a 52-week low of $0.82.
TCR2 shares are up 31.6% at $1.59 at the time of writing, according to Benzinga Pro.
