Adaptimmune Therapeutics revealed that its potential $3 billion strategic collaboration with Genentech, entered in 2021, has now been terminated.
The UK-based biotech had inked a deal with Genetech in September 2021 to develop and commercialize allogenic cell therapies to treat multiple oncology indications. Per the deal, Adaptimmune received an upfront payment of $150 million, and promised another $150 million over the five years. Also on the table were R&D, regulatory and commercial milestones payments potentially exceeding $3 billion, as well as royalties, across multiple programs.
Now, according to Adaptimmune's SEC filing, the company received notice from Genentech that the deal will be terminated in 180 days. Adaptimmune reported that it has received $150 million in upfront payments and $35 million in milestone payments from the deal. As a result of the termination, milestones or other payments will end and Adaptimmune will cease to have any development obligations.
No explanation was provided for the deal termination, however, Adaptimmune stressed that the company remains focused on launching its lead candidate, afami-cel, later this year should it get approved by the FDA. The autologous T-cell therapy candidate has a PDUFA date of August 4 for advanced synovial sarcoma.
