Top cancer Advanced Therapy Company partnership

Lighthouse | 24 March 2020

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  • MaxCyte has announced a clinical and commercial licence agreement with Allogene Therapeutics Inc. This enables Allogene to use MaxCyte’s proprietary flow electroporation technology and ExPERT platform in the development and commercialisation of its pioneering allogeneic CAR T (AlloCAR T) therapies for a variety of cancers. Allogene has three CAR T therapies in the clinic that address the well-validated CD19 and BCMA targets, with a further seven in preclinical development.
  • The financial terms of the deal are not disclosed. However, MaxCyte will receive development, approval, and commercial milestone payments as well as other fees from the lease of instruments, sales of single use disposables, and sales-based payments on commercialisation. We assume that, in common with other similar deals struck by MaxCyte, this deal is a multi-target, multi-product agreement.
  • Allogene is a clinical stage biotechnology company developing a pipeline of “off-the-shelf” CAR T cell therapy programmes that are available more reliably, at greater scale, and “on demand”. The application of MaxCyte’s technology will enable Allogene to increase efficiency and improve yields during the critical gene-editing part of the manufacturing process for its AlloCAR T therapies.
  • Allogene was founded in 2018 by the former Kite Pharma founder-CEO, Arie Belldegrun, and Head of R&D, David Chang, following the sale of Kite Pharma to Gilead for $11.9bn in 2017. Allogene raised c $800m, including $372m in its 2018 IPO, to fund development of its allogeneic CAR T therapies created using TALEN technology (in-licensed from Pfizer, a 18.7% shareholder) to modify T-cells from healthy donors.
  • MaxCyte has now formed several large partnership agreements with many of the leading cell therapy companies (including Kite Pharma, CRISPR Therapeutics, and Editas) covering clinical and commercial use of its ExPERT flow electroporation platform. Prior to the Allogene deal, MaxCyte disclosed that it could earn >$650m in pre-commercial milestones from eight existing partnerships.

Trinity Delta view: MaxCyte’s electroporation expertise continues to be in high demand. The range of deals highlights the versatility of its enabling technology and suggests that it is increasingly recognised as the industry standard for non-viral cell therapy modifications. In common with prior deals, there is significant financial upside for MaxCyte linked to Allogene’s clinical progress. MaxCyte has assembled a diversified portfolio of commercial partners, which are engineering various cell types in different ways to treat a wide variety of indications. Clearly the risks of failure with such cutting-edge programmes is relatively high, but, even conservatively assuming a high clinical attrition rate, a few successes would be transformative for MaxCyte. We value MaxCyte at £195m or 341p/share but this should rise as visibility increases.


24 March 2020

Market Cap£70.3m
Primary exchangeAIM London
Company Code
Corporate clientYes

Company description

MaxCyte uses its patented flow electroporation platform to transfect a wide array of cells. Revenues arise from sale and lease of equipment, disposables and licence fees; with an impressive client list. Additionally, a novel mRNA mediated CAR technology, known as CARMA, is being explored in various cancers, including solid tumours.


Lala Gregorek
+44 (0) 20 3637 5043

Mick Cooper
+44 (0) 20 3637 5042


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