Roche buys off-the-shelf CAR-T player Poseida for $1bn

Two years after partnering with Poseida Therapeutics on off-the-shelf CAR-T therapeutics, Roche has decided it wants to take full control of the company and its technology platforms.

The Swiss pharma group has agreed a $9 per share deal to acquire Poseida, valuing the company at around $1 billion, with another $500 million potentially payable to shareholders in a contingent value right (CVR) tied to meeting certain clinical and commercial objectives.

In 2022, Roche paid $110 million upfront for rights to off-the-shelf (allogeneic) CAR-T therapies aimed at haematological cancers, including one targeting BCMA on phase 1 testing and another programme targeting CD19 and CD20.

The deal included opt-in rights to several other programmes and had a top-line value of around $6 billion, making Roche's current takeover offer look like a bargain by comparison. Roche has since nominated a CD19/CD20 programme and added a third against an undisclosed dual target last month, sparking a $16 million payment to Poseida.

Roche's bid to take full control also serves as an endorsement of the California biotech's platform, which is notable for its ability to target more than one antigen and to engineer CAR-T cells that are strong enough to infiltrate hostile environments, such as is found around solid tumours.

Along with cancer applications, Poseida has also been looking at developing CAR-Ts for autoimmune diseases and genetic medicines for disorders including hereditary angioedema (HAE) and haemophilia A.

Roche will also claim an early clinical-stage candidate targeting MUC1C for solid tumours if the takeover goes through, along with genetic medicines in preclinical development and manufacturing capabilities.

Roche said in a statement that the acquisition would help it to create new, advanced treatments in oncology, immunology, and neurology, placing it at the forefront of the off-the-shelf cell therapy category.

The additional $4 per share in the CVR includes $2 if the BCMA programme starts a first pivotal trial in any indication by the end of 2028 and another $1 on the first commercial sale of that therapy - as long as it happens before the end of 2031. Poseida recently reported promising phase 1 data with the CAR-T in heavily pre-treated multiple myeloma, including a 91% objective response rate (ORR).

$1 will also be due on the start of a pivotal trial of either a CD19/CD20 candidate, currently being tested in B-cell malignancies, or a BCMA/CD19 therapy in an autoimmune disease – provided the milestone is hit before the end of 2034.

Roche said it expects the acquisition to close in the first quarter of 2025. Shares in Poseida had rocketed 223% in pre-market trading to $9.24 at the time of writing.