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Regeneron to invest 100 million dollar in bluebird, jointly develop cancer therapies


Regeneron to invest 100 million dollar in bluebird, jointly develop cancer therapies

Regeneron Pharmaceuticals Inc said it will invest $100 million in cancer drug developer bluebird bio Inc, and the companies will jointly develop new cell therapies for cancer.

The investment will be at $238.10 per share, a premium of nearly 59 percent over bluebird’s Friday closing price.

Bluebird bio’s shares were up about 7 pct at $160.50 in premarket trading on Monday.

The companies will use Regeneron’s VelociSuite platform technologies for the discovery of human antibodies as well as T cell receptors and bluebird’s gene transfer techniques.

Bluebird’s technology focuses on an emerging class of treatments known as CAR-T therapy, which involves genetic manipulation of a patient’s immune system.

The companies have selected six initial targets and will equally share the costs of research and development up to the point of submitting a marketing application in the United States.

(Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Sriraj Kalluvila)



Source: REUTERS
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