Roche To Acquire Poseida Therapeutics in $1.5-Bn Deal
Roche has agreed to acquire Poseida Therapeutics, a San Diego, California-based clinical-stage cell- and gene-therapy company developing treatments for cancer, autoimmune, and rare diseases, in a $1.5-billion deal ($1.0 billion in closing and $500 million in potential milestones).
Poseida’s R&D portfolio includes preclinical and clinical-stage allogenic (i.e., off-the-shelf) CAR-T therapies across several therapeutic areas, including hematological malignancies, solid tumors, and autoimmune diseases, along with related technologies. A key asset includes Poseida’s P-MUC1C-ALLO1, an allogeneic CAR-T program currently in Phase I development for treating solid tumors. The pending acquisition builds on an existing collaboration and licensing agreement established by the companies in 2022 for programs in hematologic malignancies.
Poseida has a proprietary technology platform that includes a set of non-viral capabilities to design, develop, and manufacture allogeneic, T stem cell memory cells (TSCM)-rich CAR-T therapies. TSCM cells are long-lived, multi-potent and self-replicating and have the potential for an improved safety and efficacy profile, according to information from Poseida. This may offer benefits compared to other approaches, which either use a different cell type or drive T cell differentiation (and therefore less “stemness”) as part of the process to manufacture the CAR-T cells.
With the acquisition, Roche will also gain GMP manufacturing capabilities. Poseida currently leases approximately 110,000 square feet of manufacturing, office, and laboratory space in San Diego, California, including 87,000 square feet under a lease that expires on December 31, 2029, which contains a clinical manufacturing facility adjacent to its office and laboratory space. The remaining 23,000 square feet of office and laboratory space is under a sublease that expires on December 31, 2025.
Under the merger agreement, Roche will commence a tender offer to acquire all of the outstanding shares of Poseida common stock at a price of $9.00 per share in cash at closing plus a non-tradeable contingent value right to receive certain milestone payments of up to an aggregate of $4.00 per share in cash, representing a total equity value of approximately $1.0 billion at closing and a total deal value of up to $1.5 billion. The merger agreement has been unanimously approved by the boards of Roche and Poseida.
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Source: Poseida Therapeutics and Roche
