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On Monday, CRISPR Therapeutics (NASDAQ:CRSP) made known that Vertex Pharmaceuticals (VRTX) cohort ViaCyte has decided to bow out of their collaborative venture focused on gene-edited stem cell therapies tailored for diabetes treatment.
The consequence of this move is that the assets under the partnership, including CTX211, will now be entirely possessed by CRISPR. Nevertheless, ViaCyte is entitled to a royalty on future product sales. CRISPR has committed to pushing forward with the Phase 1 trial for CTX211, targeting the treatment of type 1 diabetes.
CRISPR has reported that the opt-out will come into effect at the beginning of February.
Vertex will retain rights to specific CRISPR/Cas 9 technology for the potential development of curative therapies for type 1 diabetes, as stated by CRISPR. Vertex has already disbursed $170M to CRISPR under their agreement, with CRISPR positioned to receive an additional $160M in R&D milestone payments and future royalties on products.
The biotech company marked the commencement of 2024 with $1.9B in cash and equivalents, inclusive of a $200M milestone payment linked to the FDA approval of the sick cell disease therapy Casgevy, developed in collaboration with Vertex.
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