Cardio3 dives into CAR-T with $180M Celdara deal

Cardio3 BioSciences is buying the cancer division of Celdara Medical, trading $10 million up front and promising more in exchange for a seat at the immuno-oncology table. Under the deal, Belgium's Cardio3 will pay $6 million in cash and $4 million in shares for Celdara's OnCyte, which has a pipeline of immunotherapies for cancer including a Phase I treatment that uses chimeric antigen receptor (CAR) technology to train patients' T cells to attack tumors. Celdara is in line for $50 million more tied to the progress of that treatment, called CM-CS1, plus up to $42 million tied to two early-stage CAR-T candidates. If the products' net sales reach $1 billion, Cardio3 will hand over another $80 million and royalties ranging from 5% to 8%, the company said. More