The Life Sciences and M&A teams advised TCR² Therapeutics Inc. (NASDAQ: TCRR) in its definitive agreement with Adaptimmune Therapeutics plc (NASDAQ: ADAP) under which Adaptimmune will combine with TCR² in an all-stock transaction to create a preeminent cell therapy company focused on treating solid tumors. The combination provides extensive benefits for clinical development and product delivery supported by complementary technology platforms. As a result, and following the closing of the transaction, it is anticipated that the combined company's cash runway will extend into 2026.
The merger agreement was unanimously approved by the boards of directors of both companies. TCR2 stockholders will receive 1.5117 Adaptimmune ADS for each TCR2 share. Following the closing of the transaction, Adaptimmune shareholders will own approximately 75% of the combined company and TCR2 stockholders will own approximately 25% of the combined company. Subject to shareholder approval and the subsequent closing of the transaction, the combined company is expected to continue to trade on the Nasdaq Stock Market under the symbol "ADAP". The transaction is currently expected to close in Q2 2023, subject to the receipt of approvals by Adaptimmune shareholders and TCR2 stockholders and satisfaction or waiver of other closing conditions.
TCR² Therapeutics Inc. is a clinical-stage cell therapy company developing a pipeline of novel T cell therapies for patients suffering from solid tumors. The company is focused on the discovery and development of product candidates against novel and complex targets utilizing its proprietary T cell receptor (TCR) Fusion Construct T cells (TRuC®-T cells).
The Goodwin team consisted of Rob Masella, Andrew Goodman, Tevia Pollard, Sheran Sharafi, Bryan Kultgen, Stephanie Barbanell and Marissa Menakaya (Public M&A); Mitchell Bloom, Stephanie Richards, David Li, Amine Assouad and Daisy Beckner (Corporate); Sarah Bock, Andre Amorim and James Oh (Executive Compensation); Jennifer Fay and Janelle Dempsey (Employment); Dan Karelitz, Katie Leah and Matthew Dunay (Tax); Arman Oruc, Sarah Jordan, Eram Khan, Elliot Silver, Simone Waterbury; Alexander J. Varond, Lauren Farruggia and Emily Tribulski (FDA Regulatory); Matt Wetzel and Rebecca Kennedy (Healthcare); Jen Luz, Caroline Bullerjahn and Jordan Benson (Litigation); Jacqueline Klosek (Privacy); Brian Mukherjee (D&O Insurance); Amy Josselyn and “GG” Gozde Guckaya (Global Trade/CFIUS); Kristina Bieker, Noelle Dubiansky and Elizabeth-Ann Weeks (Intellectual Property); Andrew Harrow and Maria Dragun (UK Counsel); and Nathan Brodeur (Environmental).
For additional details on the agreement, please read the press release.