Shares of Caribou Biosciences, a clinical-stage genome-editing biopharmaceutical company, saw a significant surge in premarket trading following news of a $25 million equity investment from drug giant Pfizer. This investment has been made at a healthy premium and has propelled Caribou’s shares up by 36% to $5.56 during premarket trading.
Pfizer purchased approximately 4.69 million shares at an average price of $5.33 per share, representing almost a 31% increase from the previous day’s closing price of $4.08. According to FactSet data, this investment has made Pfizer the second-largest shareholder of Caribou.
The funding received from Pfizer will be utilized by Caribou to advance the development of CB-011, a promising immune cloaked allogeneic CAR-T cell therapy that is currently undergoing a Phase 1 study for patients with relapsed or refractory multiple myeloma. Despite the investment, Caribou maintains full ownership and control over its pipeline of allogeneic CAR-T and CAR-NK cell therapies.
In addition to the investment, Sriram Krishnaswami, Pfizer’s head of multiple myeloma development, has joined Caribou’s scientific advisory board.
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