Sam Boughedda

Investing.com — The shares of Century Therapeutics Inc (NASDAQ) rose by more than 13% Monday, aided by news that it entered into a license agreement and research collaboration with Bristol-Myers Squibb Company. This will enable the company to develop induced pluripotent stem cells-derived Allogeneic cell therapies.

One in acute myeloidleukemia, and one in multiple myeloma are the first programs that were offered by both companies. Bristol Myers Squibb also has the possibility to add another program.

“Bristol Myers Squibb is an ideal partner for us because they bring extensive clinical development and scientific expertise in cell therapy that will increase the probability of technical success of these programs,” said Lalo Flores, CEO of Century Therapeutics.

Adding: “Additionally, this collaboration will enable deployment of our next-generation iPSC platform to develop products targeting malignancies that are difficult for biotech companies to tackle on their own.”

Century Therapeutics will be receiving $150 million cash. This includes a $100M upfront payment as well as a $50M equity stake. A potential $3 billion additional payment and royalties for global net product sales could be made. across multiple programs.

Edward Tenthoff, a Piper Sandler analyst, stated that the agreement was a transformative alliance for Century and that it’s a smart partnership.