Pfizer signs agreement with Allogene Therapeutics to develop CAR-T therapies

After Kite Pharma was sold to Gilead for $10.6bn last summer, Arie Belldegrun and  David Chang, two executives of Kite’s, managed to raise $300m funding in a very short time to create Allogene Therapeutics in San Francisco. Funders of Allogene include  TPG, Vida Ventures, BellCo Capital, the University of California and Pfizer.  Allogene Therapeutics almost simultaneously sold a 25% ownership stake to Pfizer in exchange for its  CAR-T portfolio, comprising 16 investigational drugs still in pre-clinical development stage, obtained in 2014 thanks to a $2.8bn-worth agreement with Cellectis. Thanks to the agreement, Pfizer strives to accelerate the development of the portfolio to the clinical development and commercialization stages, having access to Allogene’s competences and resources. Importantly, Pfizer already owns 8% of Cellectis, worth approximately $115m.

(Source: Pfizer)