Pfizer and Allogene Enter into Asset Contribution Agreement

Pfizer Inc. and Allogene Therapeutics Inc. have entered into an asset contribution agreement for Pfizer’s portfolio of assets related to allogeneic chimeric antigen receptor T-cell (CAR-T) therapy, an investigational immune cell therapy approach to treating cancer. Pfizer views this agreement as an attractive opportunity to support the continued development of allogeneic CAR-T therapy in a highly focused and skilled manner. Pfizer will continue to participate financially in the development of the CAR-T portfolio through a 25 percent ownership stake in Allogene.

Under the strong scientific, clinical development, and regulatory expertise of Allogene’s leadership team, the portfolio of CAR-T assets contributed by Pfizer will be well-positioned to rapidly advance into potential innovative new therapies, and ultimately to reach patients in need more quickly. While there is important work underway across the industry for next-generation autologous cell therapy, Allogene hopes to bring about the next revolution in the field with the successful development of allogeneic cell therapy and the potential for greater and faster patient access.

Last year, Kite’s anti-CD19 CAR-T therapy became the first autologous CAR-T treatment to be approved by the USFDA for adult patients with aggressive non-Hodgkin lymphoma. CAR-T is one of the most exciting spaces within the pharmaceutical landscape today. The development of off-the-shelf allogeneic CAR-T therapy in the field of oncology initiates a revolution that could potentially expand access of such innovative treatment to a larger number of oncologists and their patients. Centerview Partners is acting as financial advisor to Pfizer, with Ropes & Gray LLP acting as its legal advisor. Cooley LLP is serving as legal counsel to Allogene, Vida Venture, and TPG. Gibson Dunn & Crutcher LLP are also serving as legal counsel to TPG.