Pfizer Is Driving Caribou Biosciences Stock Higher Today: What's Going On?

Caribou Biosciences, Inc. CRBU shares are racing higher on Thursday after the company announced a $25 million equity investment from Pfizer PFE.

The Details:

According to the terms of a Securities Purchase Agreement dated June 29, Pfizer purchased 4,690,431 of Caribou common shares at a price of $5.33 per share. The purchase closed on June 30.

Caribou stated that the company will use the proceeds of the investment to advance CB-011, an immune cloaked allogeneic CAR-T cell therapy currently being evaluated in a Phase 1 clinical trial in patients with relapsed or refractory multiple myeloma. Caribou will maintain full ownership and control of its development pipeline.

"We believe Pfizer's investment in Caribou highlights the potential of our clinical programs and we are excited to establish this partnership with one of the world's premier biopharmaceutical companies," said Rachel Haurwitz, PhD, president and CEO of Caribou.

Caribou Biosciences is a clinical-stage genome-editing biopharmaceutical company.

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CRBU Price Action: According to Benzinga Pro, Caribou shares are trading over 58% higher at $6.46 at the time of publication.

Image: Mohamed_hassan from Pixabay