Caribou Biosciences Shares Leap 36% After Pfizer Takes Stake
July 06 2023 - 8:34AM
Dow Jones News
By Colin Kellaher
Shares of Caribou Biosciences surged in premarket trading
Thursday after the clinical-stage, genome-editing biopharmaceutical
company said it received a $25 million equity investment at a
healthy premium from drug giant Pfizer.
Caribou shares were recently up 36% to $5.56 in premarket
trading.
The Berkeley, Calif.-based company said Pfizer bought about 4.69
million shares at $5.33 apiece, nearly 31% above Wednesday's
closing price of $4.08.
With the investment, Pfizer is Caribou's second-largest
shareholder, according to FactSet data.
Caribou said it would use the new funds to advance CB-011, an
immune cloaked allogeneic CAR-T cell therapy currently in a Phase 1
study in patients with relapsed or refractory multiple myeloma.
The company said it would maintain full ownership and control of
its pipeline of allogeneic CAR-T and CAR-NK cell therapies.
Caribou also said Sriram Krishnaswami, Pfizer's head of multiple
myeloma development, joined its scientific advisory board.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 06, 2023 09:19 ET (13:19 GMT)
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