Precigen, Inc. Enters into Asset Acquisition Agreement with Innovator 21, LLC

Precigen, Inc. (NASDAQ:PGEN) announced on December 18, 2024, that it has entered into an Asset Acquisition Agreement with Innovator 21, LLC, an affiliate of Paragon Biosciences, LLC. The agreement involves the sale of certain assets, including intellectual property rights and royalty rights, related to FCX-007, a clinical stage product candidate developed by Castle Creek Biosciences, LLC, a portfolio company of Paragon, for the treatment of Epidermolysis Bullosa (EB) and/or Dystrophic Epidermolysis Bullosa (DEB).

As part of the agreement, Precigen received a cash payment of $8.5 million at the closing of the asset sale, which took place on December 24, 2024. This agreement follows a previous collaboration between Precigen and Castle Creek, which was terminated in March 2020. Under the original collaboration agreement, certain product candidates, including FCX-007, were designated as “Retained Products.”

With the completion of the asset sale, Precigen no longer holds any rights or obligations with regard to Castle Creek or any programs developed under the terminated collaboration. This includes relinquishing rights to receive royalties from Castle Creek. The proceeds from the sale are intended to be used by Precigen for working capital and general corporate purposes.

This move marks a strategic decision by Precigen to divest certain assets while focusing on core areas of development and growth within the company’s portfolio.

Precigen did not classify as an emerging growth company as defined by Rule 405 of the Securities Act of 1933. The company did not elect to use the extended transition period for complying with any new or revised financial accounting standards, as outlined in Section 13(a) of the Exchange Act.

The announcement signifies a significant transaction for Precigen, indicating operational adjustments aimed at optimizing its resources and strategic positioning in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Precigen’s 8K filing here.

Precigen Company Profile

Precigen, Inc operates as a discovery and clinical-stage biopharmaceutical company that develops gene and cell therapies using precision technology to target diseases in therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. It operates through two segments, Biopharmaceuticals and Exemplar.