Autolus Therapeutics Stock Jumps After Bristol Myers Pact For Safety Switch System

Autolus Therapeutics plc AUTL has entered into an agreement with Bristol-Myers Squibb Co BMY.
The agreement grants Bristol Myers Squibb access to incorporate Autolus' proprietary RQR8 safety switch into an initial set of selected cell therapy cancer programs.
Bristol Myers has an option to incorporate the RQR8 safety switch in additional cell therapy programs beyond the initial set of selected programs.
Safety switches are designed to allow pharmacological agents to selectively eliminate cell therapy if a patient experiences severe adverse side effects from the treatment.
Autolus' proprietary RQR8 switch works by administration with the widely available and approved pharmaceutical antibody, rituximab.
Safety switches form part of Autolus' suite of cell programming modules designed to provide precise targeting, controlled, enhanced and sustained CAR T activity in a hostile tumor microenvironment.
Autolus will receive an upfront payment with the potential for near-term option exercise fees and development milestone payments.
In addition, Autolus would receive royalties on net sales of all Bristol Myers Squibb cell therapy products that incorporate the RQR8 safety switch.
Price Action: AUTL shares are up 17.43% at $2.56 on the last check Tuesday.