(Alliance News) - Horizon Discovery Group PLC on Friday said it has entered into a gene modification joint-venture with US-based Mammoth Biosciences Inc.
The Cambridge-based gene editing firm said the two companies will develop new CRISPR tools, a sequence of DNA which can be used to modify genomes. Mammoth Biosciences specialises in CRISPR research.
Horizon said: "Under the terms of the agreement, Horizon and Mammoth will collaborate to identify and optimise the company's novel proteins for use under license by Horizon. This will then be deployed for the development of the group's next generation of engineered cell lines.
"Horizon will have exclusive rights to utilise this novel approach to bioproduction and will also be able to sublicense it to partners intent on modifying their own proprietary cell lines."
To secure the exclusive rights, the firm said it will pay an undisclosed amount and issue Mammoth warrants, allowing the US firm to subscribe to up 0.5% of Horizon's shares. Mammoth will have the right to exercise the warrants until December 12, 2029.
Shares in Horizon were 1.4% higher at 158.20 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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