Arcellx rises ~25% on collaboration deal with Gilead's Kite for lead myeloma candidate
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Arcellx (NASDAQ:ACLX) on Friday said it would co-develop and co-commercialize its lead late-stage product candidate CART-ddBCMA for the treatment of multiple myeloma with Kite, a Gilead Sciences (NASDAQ:GILD) company.
Under the global strategic collaboration, ACLX will get an upfront payment of $225M and a $100M equity investment from Kite.

ACLX could receive up to $3.9B in total consideration.
ACLX stock jumped 24.5% to $27 after the opening bell.
ACLX's CART-ddBCMA is a CAR-modified T-cell therapy, which is currently in phase 2 clinical development for relapsed or refractory multiple myeloma.
As per the collaboration agreement, ACLX and Kite will co-commercialize and split profits in the U.S. Outside of the U.S., ACLX will receive low to mid-teen royalties.
The transaction is expected to close in Q1 2023.