Edison Investment Research - Cellular Biomedicine Group Inc (CBMG) Cellular Biomedicine Group - CBMG and Novartis sign manufacturing partnership

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Edison Investment Research

Dr Nathaniel Calloway

Cellular Biomedicine Group - CBMG and Novartis sign manufacturing partnership

Cellular Biomedicine Group (CBMG) announced it has signed an exclusive partnership with Novartis to manufacture the CAR-T therapy Kymriah in China. Novartis retains all marketing responsibility and CBMG will be entitled to both a mark-up on manufacturing costs and an escalating single-digit royalty on sales. Additionally, Novartis will take an equity stake in CBMG of approximately 9%: $40m at $27.43/share. Our valuation is lifted to $535m (from $353.1m).

05/10/2018 6 EN

Underlying

Cellular Biomedicine Group Inc

Cellular Biomedicine Group is a clinical-stage biopharmaceutical company engaged in using its proprietary cell-based technologies to develop immunotherapies for the treatment of cancer and stem cell therapies for the treatment of degenerative diseases. The company's technologies include two primary cell platforms: immune cell therapy for treatment of a range of cancer indications, including hematological cancer and solid tumors; and regenerative Medicines using human adipose-derived mesenchymal progenitor cells for treatment of joint diseases, including knee osteoarthritis (autologous & allogeneic); and other degenerative and dermatologic diseases (assessing the feasibility).

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US15117P1021 United States

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr Nathaniel Calloway

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