T-Cell Factory B.V. (TCF), a privately held Dutch company and former participant of the Venture Challenge, has been acquired by Kite pharma, INc (KITE). KITE is a clinical-stage biopharmaceutical company focused on developing engineered autologous T cell therapy (eACT(TM)) products based on CAR and TCR gene therapy platforms for the treatment of cancer. To further strengthen its TCR product platform and established a European presence the company acquired TCF, which has been renamed Kite Pharma EU.
Financial terms of Kite's acquisition of TCF include an upfront payment of up to EURO20.0M (approximately $21.0M USD) to TCF shareholders, licensors and employees, of which EURO3.8M (approximately $4.0M USD) will be paid in Kite stock. Kite is obligated to make certain milestone payments upon the achievement of clinical, regulatory and sales milestones relating to TCR-based product candidates.
Read the full press release here: http://finance.yahoo.com/news/kite-pharma-strengthens-t-cell-120000796.html?soc_src=mediacontentstory&soc_trk=tw