Merck increases stake in Precigen

By The Science Advisory Board staff writers

October 9, 2020 -- Merck is increasing its stake in Precigen from approximately 11.6% to 14.8% of outstanding shares through a convertible note with an outstanding principal balance of $25 million. Merck remains Precigen's second-largest stakeholder.

Back in December 2018, Merck reassigned development rights for a chimeric antigen receptor (CAR) T-cell product to Precigen. Doing so meant Precigen could regain full autonomous development of the CAR T therapies in exchange for $150 million in stock and a $25 million convertible note.

The convertible note would have been converted in December of this year but is instead being exercised ahead of its designated maturity.

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