TScan Therapeutics, Inc. (NASDAQ: TCRX) is engaged as a clinical-stage biopharmaceutical company, which is focused on the research and development of T cell receptor (TCR)-based T cell therapies for the treatment of cancer. Shares of the T cell biopharma company are soaring 121% through early trading on Tuesday, May 9, 2023. Over the past three months, TScan Therapeutics has seen an average daily volume of 40,100 shares. However, a volume of 22 million shares or dollar volume of around $117.04 million, has already exchanged hands through early trading.
Shares of TScan Therapeutics are skyrocketing after Amgen (NASDAQ: AMGN) and TScan Therapeutics have announced a multi-year collaboration to identify antigens recognized by T cells in patients with Crohn’s disease. The partnership will leverage TScan’s proprietary target discovery platform, TargetScan, to find these antigens. The agreement stipulates that TScan will receive an upfront payment of $30 million and could potentially earn over $500 million in success-based milestones spanning preclinical, clinical, regulatory, and commercial stages. Furthermore, TScan is eligible for tiered single-digit royalty payments.
Amgen, a leading biopharmaceutical company, will take on the responsibility of developing therapeutics based on the targets identified by TScan. It will retain all global development and commercial rights to these potential treatments. The collaboration could potentially be expanded to cover ulcerative colitis, another inflammatory bowel disease, under certain conditions. Each company will fund its own research expenses.
This collaboration aims to advance treatments for inflammatory bowel diseases (IBD), a term that encompasses both Crohn’s disease and ulcerative colitis. These conditions are characterized by chronic inflammation of the gastrointestinal tract. The current standard of care mainly involves anti-inflammatory drugs, which often lack efficacy and durability, according to Raymond Deshaies, senior vice president of Global Research at Amgen. TScan’s platform, as per Gavin MacBeath, acting CEO and CSO at TScan, is specifically designed to identify antigens targeted by the immune system in IBD, thereby potentially enabling the development of first-in-class therapeutics to address these unmet medical needs.
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