FOSTER CITY (dpa-AFX) - Kite, a Gilead Company (GILD), and Arcellx, Inc. (ACLX), announced a global strategic collaboration to co-develop and co-commercialize Arcellx's lead late-stage product candidate, CART-ddBCMA, for the treatment of patients with relapsed or refractory multiple myeloma. Arcellx will receive an upfront cash payment of $225 million and $100 million equity investment as well as other potential contingent payments.
Currently in phase 2 development, CART-ddBCMA is an investigational cell therapy product comprising autologous T cells that have been genetically modified to target multiple myeloma. CART-ddBCMA utilizes Arcellx's D-Domain binder.
The companies will jointly commercialize the product and split U.S. profits 50/50. Outside the US, Kite will commercialize the product and Arcellx will receive royalties on sales.
Beginning in the first quarter of 2022, Gilead no longer excludes acquired IPR&D expenses from its non-GAAP financial measures and expects the transaction with Arcellx to reduce Gilead's GAAP and non-GAAP 2023 EPS by approximately $0.16.
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