Adaptimmune, a local company Flying Kite has covered in the past
, has reached a $350 million deal with GlaxoSmithKline, a pharmaceutical giant with a presence in the Navy Yard, to develop new cancer treatments.
Founded in 2008, Adaptimmune, which is privately held, is developing cancer treatments designed to strengthen a patient’s white blood cells. The company’s research arm is based in Oxford, England, and its clinical operations are based in Philadelphia.
Under the agreement, Adaptimmune could receive more than $350 million in payments from Glaxo over the next seven years. It would receive additional payments if Glaxo exercised all of its options under the deal and if certain milestones were met.
Original source: The New York Times
Read the complete story here