TCR² Therapeutics stock rise 41% after merger deal with Adaptimmune

Adaptimmune Therapeutics (NASDAQ:ADAP) and TCR² Therapeutics (NASDAQ:TCRR) have entered into a definitive agreement under which Adaptimmune will combine with TCR² in an all-stock transaction to create a preeminent cell therapy company focused on treating solid tumors.
Shares of TCRR jump 40.5% premarket with ADAP stock down 2.8%.
The combination provides extensive benefits for clinical development and product delivery supported by complementary technology platforms.
TCR² stockholders will receive 1.5117 Adaptimmune ADS for each TCR² share.
Following the closing of the transaction, currently expected to close in Q2 2023, Adaptimmune and TCR² Therapeutics shareholders will own ~75% and ~25% of the combined company, respectively.
The combined company is anticipated to have a cash runway into 2026 providing operational benefits and enables delivery of key catalysts.