Benzinga -
- Iovance Biotherapeutics Inc (NASDAQ: IOVA) has agreed to acquire worldwide rights to Proleukin (aldesleukin), an interleukin-2 (IL-2) product, from Clinigen Limited.
- Iovance expects the benefits of this transaction to include immediate and future revenue, securing the IL-2 supply chain and logistics surrounding TIL therapy administration, and lower cost of goods and clinical trial expenses for Proleukin used with TIL therapies.
- Terms of the agreement include an upfront payment of £166.7 million, a £41.7 million milestone payment upon first approval of lifileucel in advanced melanoma, and double-digit Proleukin global sales royalties from Iovance to Clinigen. The transaction is expected to close in the first quarter of 2023,
- Iovance is financing the acquisition with existing cash. As of January 20, 2023, Iovance's cash position stood at approximately $477.0 million, expected to fund the acquisition of Proleukin and Iovance's operating plan well into 2024.
- In November, Iovance announced its ongoing rolling Biologics License Application (BLA) submission to the FDA for lifileucel is expected to be completed in the first quarter of 2023 as against Q4 FY22 expected earlier, after FDA feedback regarding supplemental assay validation information and comparability data for lifileucel.
- Price Action: IOVA shares are up 6.14% at $6.66 on the last check Monday.