By Michael Dabaie 
 

Autolus Therapeutics Plc ADRs rose 27% to $7.04 in midday trading Monday after the clinical-stage biopharmaceutical company said Blackstone Life Sciences will invest up to $250 million to develop obe-cel in adult Acute Lymphoblastic Leukemia and advance a broader platform.

Autolus said funds managed by Blackstone will provide up to $250 million in equity and product financing to support Autolus's advancement of its obecabtagene autoleucel.

"This investment should alleviate a cash-related overhang, accelerate development of the pipeline, and provide outside validation," Mizuho Securities USA said in an analyst note. Mizuho maintained the stock at Buy with an $18 price target.

Blackstone committed to invest $150 million in product financing to support obe-cel development and commercialization, with $50 million payable upon closing of the transaction and the remainder payable based on development and regulatory achievements. Blackstone also agreed to purchase $100 million of Autolus's American depositary shares in a private placement.

Blackstone has the right to nominate a member to Autolus's board of directors.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

November 08, 2021 12:26 ET (17:26 GMT)

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