We are advising Cellular Biomedicine Group on the transaction

Davis Polk is advising Cellular Biomedicine Group (CBMG) in connection with an exclusive collaboration and license agreement with Janssen Biotech, Inc. (Janssen), pursuant to which Janssen will receive an exclusive license to develop and commercialize C-CAR039 and C-CAR066 in geographic territories outside of China and the parties will negotiate an option for Janssen to develop the China territory subject to certain terms and conditions. C-CAR039 is an anti-CD19 & CD20 bi-specific chimeric antigen receptor T-cell (CAR-T) therapy, and C-CAR066 is an anti-CD20 CAR-T. Both C-CAR039 and C-CAR066 have been studied for the treatment of non-Hodgkin lymphoma. CBMG will receive a $245 million upfront payment, future payments based upon the achievement of certain development, regulatory, commercialization and sales milestones, and royalties on net sales. The agreement is conditional upon customary conditions, including review by the appropriate regulatory agencies under the Hart-Scott-Rodino Act.

CBMG is a clinical-stage biopharmaceutical company focused on discovery and development of innovative cellular therapies for cancer and autoimmune diseases.

Janssen is one of the Janssen pharmaceutical companies of Johnson & Johnson.

The Davis Polk life sciences transactions team included partner David R. Bauer, counsel Samantha Lefland and associate Yana Kipnis. The antitrust team included partner Jesse Solomon, counsel Mary K. Marks and associates Gregory S. Morrison, Benjamin M. Miller and Josh Pitkoff. The tax team included partner William A. Curran. Members of the Davis Polk team are based in the New York and Washington DC offices.

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