Press Release December 16, 2020

Allogene Therapeutics and Overland Pharmaceuticals Form Joint Venture in Greater China to Develop and Commercialize AlloCAR T™ Cell Therapies

The Life Sciences team advised Allogene Therapeutics, Inc. (Nasdaq: ALLO) on its formation of Allogene Overland Biopharm, a joint venture with Overland Pharmaceuticals. The joint venture will focus on the development, manufacturing and commercialization of AlloCAR T therapies for patients in greater China, Taiwan, South Korea and Singapore. Allogene Overland will have an exclusive license to develop, manufacture and commercialize specific Allogene candidates targeting BCMA, CD70, FLT3, and DLL3 in the licensed territories. The joint venture will also seek opportunities to advance the global development of AlloCAR T therapies against these targets.
 
Allogene is a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T™) therapies for cancer.
 
Overland is a premier biopharmaceutical company backed by Hillhouse Capital.
 
Under the terms of the agreement, Allogene Overland will receive an exclusive license to AlloCAR T candidates directed at four targets, BCMA, CD70, FLT3, and DLL3, in the licensed territories. Overland will invest $117 million in capital, which includes an upfront payment of $40 million to Allogene and $77 million in capital to support joint venture operations. Allogene will be eligible to receive a milestone payment per product for each first regulatory approval in China, as well as tiered royalties on net sales. 
 
The Goodwin team was led by Wendy Pan, Shane Albright, Shoaib Ghias, Sarah Stoiber, Kristina Jacobs, and Freddy Yip, and included Richard Matheny and Paul Jin.
 
For more details, read the press release and articles in Endpoints, BioSpace, and BioPharma Dive.