In a recent development, Century Therapeutics, Inc., a biotechnology company specializing in cell therapy, has announced the termination of its material definitive agreement with pharmaceutical giant Bristol-Myers Squibb Company (NYSE:BMY) (BMS).
The collaboration, which was focused on the development of novel therapies for hematologic malignancies, will cease to be effective as of March 12, 2025.
The news has impacted Century's stock (NASDAQ:IPSC), which is currently trading at $1.22, representing a significant decline of about 62% year-to-date according to InvestingPro data.
The original agreement, established on January 7, 2022, was aimed at researching, developing, and commercializing therapies derived from induced pluripotent stem cells, including engineered natural killer cells and gamma delta T cells. Despite the termination, Century Therapeutics has expressed optimism about the scientific advancements made in the programs.
The company plans to continue exploring opportunities related to acute myeloid leukemia and multiple myeloma as part of its strategic review of its pre-clinical pipeline. With a market capitalization of just over $103 million and an InvestingPro Financial Health Score rated as 'WEAK', the company faces significant challenges ahead.
The decision to end the collaboration came from BMS following an internal review of their corporate portfolio. The termination was communicated to Century Therapeutics on Monday, and the companies have stated they will adhere to the terms set out in the termination provisions of their agreement.
Century Therapeutics, which is traded on the Nasdaq Global Select Market under the ticker symbol NASDAQ:IPSC, is based in Philadelphia, Pennsylvania. The company has not disclosed further details regarding the financial implications of the termination or any potential impact on its operations.
This move marks a significant shift in Century Therapeutics' partnership landscape and underscores the dynamic nature of research collaborations in the biotech industry. The information regarding this termination is based on a press release statement filed with the SEC.
In other recent news, Century Therapeutics has seen significant developments.
Clear Street has initiated coverage on Century Therapeutics with a Buy rating and a price target of $9.00. The firm highlights the potential of Century's induced pluripotent stem cell (iPSC) platform and Allo-Evasion technology, which could revolutionize the field of cell therapy.
Century Therapeutics has also announced changes to its executive leadership. Morgan Conn, Ph.D., has been appointed as the new Chief Financial Officer, bringing a wealth of experience from his previous roles at Pharvaris and PTC Therapeutics (NASDAQ:PTCT). In addition, Chad Cowan, Ph.D., a notable figure in cell therapy, has been named Chief Scientific Officer.
These are recent developments and reflect the ongoing evolution of Century Therapeutics. The company anticipates further insights into its ability to capitalize on its target markets with the upcoming ELiPSE-1 trial results expected in mid-2025 and the potential CALiPSO-1 trial.
As Century Therapeutics continues to progress, its strategic and scientific capabilities are expected to be strengthened by these recent appointments and potential trial results.
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