Caribou Biosciences crbu Rises Sharply on News of Million Investment by Pfizer pfe

Caribou Biosciences (CRBU) Rises Sharply on News of $25 Million Investment by Pfizer (PFE)

Shares of Caribou Biosciences, Inc. (NASDAQ: CRBU) skyrockets by 59.31% on Thursday. The surge comes in response to the news that Pfizer Inc. (NYSE: PFE) has invested $25 million in the company, bolstering investor confidence and driving the stock price upwards.

The investment deal between Caribou Biosciences and Pfizer saw the latter acquire 4,690,431 common shares of Caribou at a price of $5.33 per share. This agreement, formalized in a Securities Purchase Agreement on June 29, 2023, was successfully closed on June 30, 2023. In addition to the investment, Dr. Sriram Krishnaswami has joined Caribou’s Scientific Advisory Board.

Caribou intends to allocate the funds from this investment to advance the development of CB-011, an innovative immune-cloaked allogeneic CAR-T cell therapy. CB-011 is currently undergoing evaluation in the CaMMouflage Phase 1 clinical trial, focusing on patients with relapsed or refractory multiple myeloma (r/r MM). Caribou will maintain complete ownership and control over its portfolio of allogeneic CAR-T and CAR-NK cell therapies.

As of press time, CRBU shares are trading at $6.50, with a fluctuation range between $5.44 and $6.67. The stock opened at $5.60, displaying a notable increase compared to the previous day’s closing price of $4.08. Traders have witnessed a significant exchange of 36,027,509 shares (36.02 million).