After months of searching for strategic options, Adaptimmune is offloading its cell therapies to a global pharma, which plans to offer jobs to about half of the biotech’s employees. Once the deal closes, Adaptimmune will reduce its remaining workforce by 62%.
Yesterday, the cell therapy biotech entered an agreement with USWM CT, a subsidiary of US WorldMeds Partners, according to a Securities and Exchange Commission (SEC) document filed July 28. The pharma will pay $55 million in cash for the rights to Adaptimmune’s Tecelra—which is the first engineered cell therapy for a solid tumor to gain FDA approval—plus three pipeline candidates dubbed lete-cel, afami-cel and uza-cel.
"...given the financial situation of the company, it is clear that securing the right strategic option was critical to maximize value for all of our stakeholders and importantly ensure our patients continue to receive Tecelra," Adaptimmune CEO Adrian Rawcliffe said in a July 28 release.
Part of the $55 million will go toward paying all of Adaptimmune’s debt to Hercules Capital, according to the SEC filing.
USWM is also offering the cell therapy developer up to $30 million in biobucks for certain regulatory and commercial milestones.
Under the terms of the deal, the pharma will also gain Adaptimmune’s intellectual property, product rights, regulatory authorizations, contracts, equipment, inventory and other related assets.
“Anchored by a first-in-class commercial therapy and a promising pipeline, this acquisition is a meaningful step forward in our mission to bring hope and innovation to patients who need it most," USWM CEO Breck Jones said in the release. "US WorldMeds deeply respects the strong foundation Adaptimmune has built in the cell therapy space and is committed to carrying that work forward—advancing and delivering these important therapies to the people and families who are counting on them.”
Currently, USWM touts three approved products: neuroblastoma med Iwilfin, injection Revonto and Sevenfact for bleeding episodes. The pharma also owns Hema Biologics, a U.S. company focused on rare bleeding disorders.
USWM plans on offering jobs to about half of Adaptimmune’s workforce. As of Dec. 31, 2024, the biotech had 506 employees, according to an annual report.
After the deal closes, Adaptimmune plans to reduce its remaining workforce by 62%. The biotech expects most of the layoffs to be completed during the third quarter of this year.
As part of Adaptimmune’s restructuring, the company’s Chief Medical Officer Elliot Norry, M.D., and Chief Commercial Officer Cintia Piccina will both exit the company on Aug. 8. Meanwhile, Chief Scientific Officer Joanna Brewer, Ph.D., and Chief Financial Officer Gavin Wood will lose their roles as of Aug. 31.
The writing was on the wall for Adaptimmune. Back in March, the biotech voiced concerns about its own longevity, cutting funding for two preclinical programs and evaluating strategic options. Given the newest deal, Adaptimmune continues to retain rights to the preclinical assets.
Despite the historic FDA nod the biotech received for Tecelra last summer, the business had to implement the cost-saving measures to prioritize the cell therapy’s launch.
The company was also facing the prospects of another solo commercial launch for its investigational cell therapy lete-cel after reporting a 42% response in a phase 2 trial enrolling patients with sarcoma.
The newest planned pink slips follow a 29% workforce reduction announced last November. The layoffs were part of an overarching savings drive designed to cut costs by about $300 million over four years.
Back in April 2024, Roche’s Genentech terminated a $3 billion biobucks partnership with Adaptimmune, though the biotech was able to secure a $665 million deal with Galapagos for uza-cel, a MAGE-4A TCR T-cell therapy, a few weeks later.