Horizon Discovery inks strategic partnership with Mammoth Biosciences

(Sharecast News) - Life sciences firm Horizon Discovery has signed a strategic collaboration deal with Mammoth Biosciences that will see the two companies develop new clustered regularly interspaced short palindromic repeat (CRISPR) tools.
Horizon and Mammoth will work together to identify and optimise the company's novel proteins for use under license by Horizon, which will then be deployed for the development of next-generation engineered cell lines for the biopharmaceutical industry.

Exclusive rights to utilise the novel approach to bioproduction will fall to Horizon, which will also be able to sublicense it to partners intent on modifying their own proprietary cell lines.

The AIM-listed group will pay an undisclosed consideration and issue warrants to Mammoth for the exclusive rights being licensed within 30 days. Horizon will also give Mammoth the right to subscribe for a number of ordinary shares equivalent to 0.5% of its issued share capital.

Chief executive Terry Pizzie said: "We believe that our expertise in cell line engineering can be leveraged to address many of these issues and, with the addition of Mammoth's technology, we will be able to become a disruptive provider of best in class engineered CHO cells."

As of 0825 GMT, Horizon shares were up 1.41% at 158.20p.