By Colin Kellaher

Poseida Therapeutics has signed a $50 million deal with Japan's Astellas Pharma aimed at advancing the clinical-stage biopharmaceutical company's cancer cell-therapy work.

San Diego-based Poseida on Monday said Astellas will invest $25 million for an 8.8% stake in the company, buying more than 8.33 million shares at $3 each, 84% above Friday's closing price of $1.63.

Astellas will also pay $25 million for a right of exclusive negotiation and first refusal to license Poseida's P-MUC1C-ALLO1 allogeneic CAR-T cell therapy in development for multiple solid tumor indications.

Poseida said it is granting Astellas a board observer seat, which includes the ability to attend scientific advisory board meetings, and certain notice rights related to any potential change of control.

Trading in Poseida shares was halted premarket on Monday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 07, 2023 09:43 ET (13:43 GMT)

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