JMP Securities notes that AstraZeneca (AZN) is investing in Cellectis (CLLS) around 25 genetic targets, from which up to 10 candidate products could be explored for development. AstraZeneca will have an option for a worldwide exclusive license on the candidate products, to be exercised before IND filing. The firm believes this is a great option for Cellectis to close the financing overhang ahead of ASH data. The investment at $5/share is likely far superior to any option the company would have had to finance on the back of data, JMP says. The firm also views the fact that AstraZeneca invested $245M into a $65M MC company as showing interest in continued R&D operations and expectations of future value generation via the 10 candidate products. JMP has an Outperform rating on Cellectis with a price target of $6.
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