06:04 AM EDT, 05/02/2024 (MT Newswires) -- Poseida Therapeutics ( PSTX ) and Astellas Pharma subsidiary Xyphos Biosciences have entered into a research partnership and license agreement to develop new cancer cell therapy platforms using the Xyphos' convertible chimeric antigen receptor technology, the companies said Wednesday.

Under the terms of the deal, the companies plan to combine proprietary gene therapy technologies to create product candidates targeting solid tumors.

Xyphos will reimburse Poseida for the research costs and be responsible for development commercialization. Poseida will receive $50 million finalization of the deal plus development and sales payments of up to $550 million and low-double-digit percentage royalties on net sales from products yielded by the collaboration, the companies said.

Shares of Poseida rose more than 2% in Wednesday's after-hours activity.

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