Benzinga | Oct 26, 2021 01:47PM EDT

Jennifer Doudna Spinout Mammoth Inks $700M CRISPR Deal With Vertex

* Mammoth Biosciences unveiled a nearly $700 million deal with Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) to develop in vivo gene therapies for two genetic diseases.

* Vertex is putting down $41 million upfront, including a convertible note, to use Mammoth's CRISPR systems. And if all goes well, there's another $650 million in milestones on the line, in addition to tiered royalties.

* Driven by its protein discovery engine, Mammoth's CRISPR platform consists of a proprietary toolbox of the novel, ultracompact Cas enzymes, including Cas14 and Cas.

* Price Action: VRTX shares are down 0.21% at $184.61 during the market session on the last check Tuesday.