Intellia Therapeutics Inc. (NASDAQ: NTLA) has announced an expansion to its collaboration with Regeneron Pharmaceuticals Inc. (NASDAQ: REGN).
Intellia will provide Regeneron with rights to develop products for additional in vivo CRISPR/Cas9-based therapeutic targets, and the companies will jointly develop potential products for the treatment of hemophilia A and B. Regeneron also receives nonexclusive rights to independently develop and commercialize ex vivo gene-edited products.
Intellia will receive an upfront payment of $70 million, and Regeneron will make an additional equity investment in Intellia of $30 million at $32.42 per share.
Under the amended agreement, the term of the companies’ existing collaboration is extended until April 2024, with Regeneron having an option to renew for an additional two years. Regeneron will have rights to discover and develop CRISPR/Cas9-based therapeutic products for an additional five in vivo liver targets, for up to 15 targets.
George D. Yancopoulos, M.D., Ph.D., co-founder, president and chief scientific officer of Regeneron, commented:
The Regeneron team works hard to push the boundaries of science and technology, and we believe the precise in vivo gene insertion capabilities jointly developed with Intellia could be a promising therapeutic platform with significant potential in many diseases, including those that have been historically difficult to treat,” “We’re pleased to expand our work with Intellia, a like-minded group of scientists focused on maximizing the potential of CRISPR/Cas9 in order to help as many patients as possible.
Intellia Therapeutics stock closed Friday at $17.51, in a 52-week range of $9.18 to $21.63. The consensus price target is $26.17. Following the announcement, the stock was up about 14% at $20.00 in early trading indications Monday.
Regeneron Pharmaceuticals stock ended last week at $612.81. It has a 52-week range of $271.37 to $615.36, and the consensus price target is $531.50. The stock was down about 1% at $608.00 in Monday’s premarket.
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