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Why Precigen Shares Are Gaining Today

·1 min read
  • Precigen Inc (NASDAQ: PGEN) has agreed to sell its subsidiary Trans Ova Genetics, an animal reproductive technologies company, to URUS, a holding company with cooperative and private ownership.

  • The deal consideration includes $170 million in upfront cash and up to $10 million earn-out based on the performance of Trans Ova in 2022 and 2023.

  • The company anticipates closing the non-healthcare subsidiary sale in Q3 2022.

  • Precigen expects the transaction to solidify its balance sheet. It intends to pay the senior convertible notes when due in July 2023.

  • As of December 31, Trans Ova had 265 full-time and 55 part-time employees. In 2021, Trans Ova generated sales of $89.6 million.

  • "We believe this transaction will support Precigen's mission as a premier cell and gene therapy company laser-focused on the rapid development of our top clinical assets to maximize shareholder value and potentially improve the way devastating diseases like cancer are treated," said Helen Sabzevari, President & CEO of Precigen.

  • In April, the FDA granted Fast Track designation to Precigen's PRGN-3006 UltraCAR-T in patients with relapsed or refractory (r/r) Acute myeloid leukemia.

  • PRGN-3006 was previously granted FDA Orphan Drug Designation.

  • Price Action: PGEN shares are up 18.51% at $1.67 during the market session on the last check Tuesday.

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