TG Therapeutics, Inc. announced that it has entered into an agreement with Precision BioSciences, Inc. to acquire a worldwide license to Precision?s Azercabtagene Zapreleucel (azer-cel), an allogeneic CD19 CAR T cell therapy program for autoimmune diseases and all other non-oncology indications. Azer-cel is an allogeneic (off the shelf) CAR T program and the Company has near-term plans to evaluate the program in multiple autoimmune indications, with an investigational new drug (IND) filing targeted for mid-2024. Under the terms of the agreement, TG Therapeutics will receive exclusive worldwide rights to develop and commercialize azer-cel in non-oncology indications, and in exchange, Precision will receive upfront and potential near-term economics valued at $17.5 million.

The upfront payment of $7.5 million will consist of cash and the purchase of Precision common stock by TG Therapeutics at a 100% premium to the 30-day VWAP prior to purchase. Precision will also receive $2.5 million in deferred consideration due within 12 months as an equity investment in Precision?s common stock at a 100% premium to the then 30-day VWAP prior to purchase. Upon the achievement of certain near-term clinical milestones, Precision will receive an additional $7.5 million payment, consisting of cash and the purchase of Precision common stock by TG at a 100% premium to the then current 30-day VWAP.

Precision is also eligible to receive up to $288 million in additional payments based on the achievement of certain clinical, regulatory, and commercial milestones, in addition to high-single-digit to low double-digit royalties on net sales.