Pfizer invests over Rs 206 crore to buy minority stake in Caribou Biosciences
Caribou said on Thursday it would use the proceeds from Pfizer's investment to advance its experimental CAR-T cell therapy, CB-011, that is currently being tested in an early-stage trial in patients with a type of blood cancer.;
New York: Pfizer has invested $25 million to buy a minority stake in Caribou Biosciences, making it the latest small biotechnology firm to attract the pharmaceutical giant's interest.
Pfizer purchased nearly 4.7 million Caribou shares at $5.33 per share, Caribou said on Thursday, representing a premium of about 30% over Caribou's previous close price. This represents 7.64% of outstanding shares in Caribou, according to Reuters' calculation based on Refinitiv IBES data.
The investment in the cell therapy developer follows a string of deals made by Pfizer over the past few years with the drugmaker flush with cash from sales of its COVID-19 products.
In 2021, Pfizer had made an initial upfront investment of $500 million, including a $350 million share purchase, in migraine drug maker Biohaven Pharmaceutical, a company it acquired the following year.
It also made a $25 million equity investment in Akero Therapeuticslast year. Akero is developing a drug to treat a type of fatty liver disease called nonalcoholic steatohepatitis (NASH), which affects 5% of Americans but currently has no approved treatments.
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