The two former Kite Pharma executives behind a game-changing cancer-killing technology are launching their next act: a new company to develop a suite of so-called off-the-shelf CAR-T therapy assets, designed so that they do not need to be personalized for each cancer patient.
Allogene Therapeutics, which was unveiled Tuesday morning, has raised $300 million to acquire and advance a portfolio of experimental cell therapies previously controlled by Pfizer. As a consequence of the deal, Pfizer is getting out of the business of being a major CAR-T player, though it will take a 25 percent ownership stake in Allogene.
Dr. Arie Belldegrun, formerly Kite’s CEO, will be Allogene’s executive chairman, and Dr. David Chang, formerly Kite’s chief medical officer, will be Allogene’s CEO. The duo is legendary in biotech circles for turning Kite’s high-risk bet into a tour de force that last year resulted in the first CAR-T approval in adults and a $11.9 billion acquisition by Gilead Sciences.
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