Adaptimmune Terminates $3 Billion Collaboration with Roche’s Genentech for Off-the-Shelf T Cell Therapies

1. Adaptimmune loses a $3 billion collaboration and license agreement with Roche's Genentech for off-the-shelf T cell therapies.
2. The agreement was disclosed two and a half years ago.
3. Adaptimmune could miss out on approximately $3 billion in downstream payments, as biobucks (pharma's approach to drug development pacts) often do not come to full fruition.
4. Adaptimmune had collected $150 million upfront and $35 million in milestone payments, as disclosed in an SEC filing.
5. The termination will take place in 180 days, and Adaptimmune will not receive any more payments.
6. Adaptimmune's CEO Adrian Rawcliffe acknowledged the valuable collaboration with Genentech and continued belief in the long-term potential of their iPSC-based allogeneic platform.