Celularity shares jump on MuseCell manufacturing deal
Shares of biotech firm Celularity CELU.O rose 78% to $1.45, its highest level in more than four months.
The company said it will manufacture Dezawa MuseCells, an experimental cell therapy platform, and related products in the U.S. under a collaboration with MuseCell Innovations.
The initial program will establish production capabilities for Dezawa MuseCells at its Florham Park, New Jersey, facility.
Potential revenue and job creation from expanded collaboration
MuseCell believes the expanded relationship could generate more than $300 million in aggregate purchases from Celularity over the next five years.
Celularity said the broader collaboration could create more than 200 jobs across biomanufacturing, quality control, engineering and support functions at the New Jersey site.
Neither Celularity's experimental cell therapy cenplacel-L nor MuseCell products are approved by the U.S. FDA for any use.
Including the session's move, the stock is down about 24% year to date.
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