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FATE.US
id: 548

FATE Free Fall on Rejected Janssen Offer Case

On January 5, 2022, Fate Therapeutics, Inc. (NASDAQ: FATE) announced that it declined a proposal from Janssen for the continuation of the collaboration and option agreement between the two on revised terms and conditions. Consequently, the agreement was terminated and all collaboration activities will be wound down in Q1 2023.

On this news, Fate’s stock price fell over 61.5%, and the Company more than $ 650 MM of its market cap, seriously damaging investors.

  • In Q4 2022, the FDA approved an IND application for the first collaboration product for the treatment of B-cell lymphoma. FATE expects to receive a $3 million milestone payment for the same product. With the termination of the collaboration, the Company will wind down its activities with Janssen, including discontinuing the development of all collaboration products at the expense of Janssen.
  • In September 2022, Janssen exercised its commercial option for a second multiplexed-engineered, iPSC-derived CAR NK cell product candidate, which targets an undisclosed antigen expressed in certain blood cancers.
  • In May 2022, Janssen exercised its commercial option on FT555, a multiplexed-engineered, iPSC-derived CAR NK cell product candidate targeting GPRC5D, a tumor-associated orphan G-protein-coupled receptor found to be highly expressed on myeloma cells.
FATE shares have declined over 90% in the past year compared with the industry’s fall of 16.4%.

Taking FATE stock dynamics and decisions made by Company's management, Investors have ground to suspect that the Company and its Leaders did not act in the best interests of shareholders, which led to a significant depreciation of their holdings.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05 January 2023
Collecting participants…

Fate Therapeutics Inc

Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its chimeric antigen receptor (CAR)-targ...

    Ticker
    FATE.US
    ISIN
    US31189P1021
    CIK
    1434316
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    12278 Scripps Summit Drive, San Diego, CA, United States, 92131