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Allogene Therapeutics and Overland Pharmaceuticals Form Joint Venture in Greater China to Develop and Commercialize AlloCAR T™ Cell Therapies
Allogene Overland Biopharm, a First-of-its-Kind Collaboration in Allogeneic Cell Therapy, Is Dedicated to Making AlloCAR T™ Available to Patients in Greater
About this update from Allogene Therapeutics, Inc.
[{"type":"text","content":"Allogene Overland Biopharm, a First-of-its-Kind Collaboration in Allogeneic Cell Therapy, Is Dedicated to Making AlloCAR T™ Available to Patients in Greater China, Taiwan, South Korea and SingaporeThe Joint Venture Provides An Opportunity to Accelerate the Global Development of AlloCAR T Therapies for Hematologic Malignancies and Solid TumorsOverland, Backed by Hillhouse Capital, to Invest $117 Million in Capital, Which Includes an Upfront Payment to Allogene and Financial Support to Joint Venture Operations SOUTH SAN FRANCISCO, Calif. and BOSTON and SHANGHAI, China, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Allogene Therapeutics, Inc. (Nasdaq: ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T™) therapies for cancer, and Overland Pharmaceuticals (“Overland”), a premier biopharmaceutical company backed by Hillhouse Capital, today announced the formation of Allogene Overland Biopharm (Allogene Overland). 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. “We are excited to be the first allogeneic cell therapy company to establish a joint venture in China dedicated to making the potential benefits of an off-the-shelf cell therapy available to patients in China and other Asian Pacific markets,” said David Chang, M.D., Ph.D., President, Chief Executive Officer and Co-Founder of Allogene. “We’re looking forward to joining forces with Overland to build a leading cell therapy company focused on helping to accelerate the development of AlloCAR T therapies for blood cancers and solid tumors.” “Overland has a strong operational presence in China backed by the Hillhouse Capital global biopharmaceutical ecosystem. Combined with Allogene’s domain expertise, this positions Allogene Overland Biopharm to bring these important new therapies to patients and physicians fighting cancer across Asia and around the world,” said Hua Mu, M.D., Ph.D., Co-Founder, Interim Chief Execu...