Adaptimmune is merging with Cambridge, Massachusetts-based TCR² Therapeutics in a bid to create a "preeminent cell therapy company" that will focus on treating solid tumors.
The all-stock transaction, according to Adaptimmune, will provide benefits for clinical development and product delivery supported by the two companies' complementary technology platforms designed to treat solid tumors. There is substantial market opportunity in solid tumors that is largely unaddressed by cell therapies.
Together, the two companies have multiple of next-generation innovations that they plan to integrate to address the tumor micro-environment using both autologous and allogeneic approaches.
Prior to the merger, both companies had recently announced restructuring and layoffs with the goal of extending cash runways into early 2025.
Adaptimmune, based in the UK with clinical and manufacturing operations in Philadelphia, Pennsylvania, revealed back in Nov. that the company planned to deprioritize non-core programs and undertake a significant restructuring with a reduction in headcount of approximately 25% to 30%
Adaptimmune shifted focus to its two most promising programs, afami-cel for the treatment of synovial sarcoma and a next-gen T-cell therapy being tested as a monotherapy and in combination with other drugs to treat ovarian, head and neck cancers.
TCR² Therapeutics announced earlier this year that it would focus resources on completing the ovarian cancer cohort in its phase 2 clinical trial of gavo-cel and accelerate the development of its two second-generation enhanced TRuC T-cell therapy programs. As part of the prioritization, TCR² planned to reduce its workforce by approximately 40% and also adjust its manufacturing network.
Now, following the close of the transaction, which is expected to happen in Q2 2023, the merged company will extend cash runway into 2026.
