Autolus Therapeutics ADRs Up After Deal for Blackstone Investment
08 Novembre 2021 - 06:41PM
Dow Jones News
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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