Replies to post #223637 on Biotech Values

[DewDiligence]

TCRR +32% on preliminary phase-1 data:

https://www.globenewswire.com/news-release/2020/07/26/2067629/0/en/TCR-Therapeutics-Announces-RECIST-Responses-with-First-TC-210-Dose-Tested-in-Advanced-Mesothelin-Expressing-Solid-Tumors.html

TCR2 Therapeutics…today announced positive interim data from the first five patients treated in the Phase 1 portion of the TC-210 Phase 1/2 clinical trial for mesothelin-expressing solid tumors. All five patients showed tumor regression including two RECIST unconfirmed partial responses (one of which remains subject to independent central review) and two patients with stable disease through six months. Translational data further demonstrated TRuC-T cell expansion and activation. A manageable toxicity profile was observed…

Caveat emptor re unconfirmed RECIST responses, which are technically not supposed to be counted as responses.

[DewDiligence]

ADAP acquires TCRR for $2.04*/sh in stock—a 69%* premium by my calculation:

https://finance.yahoo.com/news/adaptimmune-tcr2-therapeutics-announce-strategic-110000040.html

Despite the nominal premium, this deal is effectively a takeunder insofar as TCRR has had a deeply negative enterprise value for the past 18 months or so. Even after today’s bounce, TCRR is down about 90% from its 2019 IPO (#msg-146837794).

*Based on ADAP’s opining price of $1.35 today, TCRR’s closing price of $1.21on Friday, and the exchange ratio of 1.5117 shares of ADAP for each share of TCRR.