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Achilles Therapeutics plc (NASDAQ:ACHL) shares are trading higher on Tuesday after the company announced a $12 million deal with AstraZeneca PLC (NASDAQ:AZN) and plans to cut jobs.
The agreement involves the transfer of the commercial license for data and tumor samples from Achilles’ TRACERx Non-Small Cell Lung Cancer (NSCLC) study to AstraZeneca.
The million deal signals the conclusion of Achilles’ strategic review, which was announced in September 2024.
In the wake of the deal’s completion, Achilles also rvealed plans to reduce its employee headcount and trim its Board of Directors, while staying compliant with Nasdaq and SEC requirements.
“Achilles now plans to undertake additional measures, including a further reduction in employee headcount and a decrease in the size of its Board of Directors, while remaining compliant with Nasdaq and SEC requirements,” the company noted.
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TRACERx, a study led by Professor Charles Swanton at University College London (UCL), has collected extensive genetic data from over 3,200 tumor samples from more than 800 lung cancer patients.
This multi-region, multi-time-point sequencing offers deep insights into cancer evolution and treatment responses.
As part of the deal, AstraZeneca will also take over Achilles’ Material Acquisition Platform (MAP), which houses tumor samples and data collected from nearly 300 cancer patients across various solid tumor indications such as lung, melanoma and breast cancer.
“We are pleased that as a leader in Oncology, AstraZeneca recognizes the scientific value of our TRACERx and MAP assets,” said Dr. Iraj Ali, CEO of Achilles Therapeutics.
The company believes these assets have significant potential to aid in developing improved cancer therapies.
Price Action: ACHL shares are trading higher by 7.01% to $1.050 at last check Tuesday.
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Photo by Johaehn from Pixabay
