TC Biopharm (NASDAQ: TCBP) stock surged over 40% in pre-market trading Tuesday after the company announced plans to acquire CAR-T therapy developer.
TC BioPharm (TCBP) recently announced its intent to acquire a biotechnology firm focused on Chimeric Antigen Receptor T-cell (CAR-T) therapies for cancer treatment. This move marks TCBP’s second acquisition agreement in recent months, underscoring its commitment to bolstering its portfolio of cancer therapies.
The target company, whose identity remains undisclosed, boasts promising proof of concept data for its CAR-T therapy, particularly in treating solid tumors such as colorectal, pancreatic, mesothelioma, ovarian, and breast cancer. Moreover, the acquisition candidate is actively developing allogeneic CAR-T therapies for autoimmune diseases, broadening the scope of its therapeutic offerings.
Mr. Bryan Kobel, CEO of TC BioPharm, expressed confidence in the acquisition, citing anticipated synergies and mutual benefits to both companies’ therapeutic platforms. He emphasized the significance of combining expertise in CAR-T development and a range of immune responder cells. Mr. Kobel also highlighted the potential for significant data inflection points across multiple pipeline assets in the coming years.
While the announcement of the letter of intent signifies a significant step forward, it is important to note that the agreement remains non-binding. The execution of a definitive agreement and the finalization of the transaction will be subject to various conditions, including satisfactory negotiations, securing adequate financing, and obtaining necessary third-party approvals.
TC Biopharm (NASDAQ: TCBP) Stock Reaction
TCBP stock was 46.20% higher at $2.12 in pre-market trading at 4:30 a.m. ET Tuesday.
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