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Investing.com — U.K.-based biopharmaceutical firm Autolus Therapeutics Ltd (NASDAQ:AUTL) announced Monday that Blackstone (NYSE:BX) will invest as much as $250 million in the company to support Autolus’ advancement of its drug to treat a serious form of leukemia.
Autolus shares rose 28% above Friday’s close at $7.15.
The product candidate is a potential treatment for a serious form of leukemia.
The investment represents one of the largest private financings of a U.K. biotech company and makes Blackstone one of the most prominent foreign investors in the U.K. in the past 10 years. Out of the money invested, $150 million will go directly into product financing, with a further $50 million paid once the transaction is closed and the remainder of the total amount payable based on development and regulatory achievements.
Blackstone has additionally agreed to purchase $100 million of Autolus’ American Depositary Shares in a private placement.
“Autolus is a world-class company with an innovative platform and the potential to deliver best-in-class, lifesaving treatments to patients suffering from cancer,” said Dr. Nicholas Galakatos, global head of Blackstone Life Sciences.
“Our investment in these next generation cell therapies exemplify our conviction in the quality and promise of the life sciences sector in the U.K. We look forward to building on this investment in the years to come,” he added.
