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Adaptimmune and GSK Expand Strategic Immunotherapy Collaboration

nd Strategic Immunotherapy Collaboration

-- Agreement accelerates development of Adaptimmune’s lead T-cell therapy
targeting NY-ESO-1 toward pivotal trials
-- Creates opportunity for up to eight combination studies

-- Adaptimmune Therapeutics plc (Nasdaq:ADAP), a leader in the use of T- cell
receptor (TCR) engineered T-cell therapy to treat cancer, and GlaxoSmithKline
plc (LSE:GSK) (NYSE:GSK) today announced that the companies have expanded the
terms of their strategic collaboration agreement to accelerate Adaptimmune’s
lead clinical cancer program, an affinity enhanced T-cell immunotherapy
(GSK3377794) targeting NY-ESO-1, toward pivotal trials in synovial sarcoma.

Adaptimmune and GSK announced a strategic collaboration and licensing agreement
in June 2014 for up to five programs, including the lead NY-ESO TCR program.
GSK has an option on the NY-ESO-1 program through clinical proof of concept
and, on exercise, will assume full responsibility for the program.

“We are delighted to broaden our collaboration with GSK, which is also fully
committed to the development of this revolutionary T-cell therapy,” commented
James Noble, Adaptimmune’s Chief Executive Officer. “We believe that our
affinity enhanced T-cell programs have the potential to deliver important
clinical benefit to cancer patients, and it is therefore essential that we
accelerate our efforts to meet their needs. We are working closely with GSK to
expedite development of our affinity enhanced T-cell therapy targeting NY-ESO,
and if we succeed in generating pivotal data consistent with that of our
ongoing studies, we believe it has the potential to be the first engineered
T-cell therapy to reach the market.”

Dr. Axel Hoos, SVP Oncology R&D GSK said, “At GSK we’re progressing a pipeline
of immuno-oncology therapies to stimulate anti-tumor immunity in patients. As
we highlighted to investors at our R&D event last year, this Adaptimmune
collaboration is a key element of that pipeline and is part of a comprehensive
program for cell and gene therapy. With this expanded collaboration, we have
the opportunity to accelerate the lead program in synovial sarcoma toward
pivotal trials and also to investigate several other tumor types and combine
the T-cell therapy with immune-modulating therapies such as checkpoint

Under the terms of the expanded agreement, the companies will accelerate the
development of Adaptimmune’s NY-ESO therapy into pivotal studies in synovial
sarcoma and will explore development in myxoid round cell liposarcoma.
Additionally, the companies may initiate up to eight proof-of-principle studies
exploring combinations with other therapies, including checkpoint inhibitors.

According to the expanded development plan, the studies will be conducted by
Adaptimmune with GSK effectively funding the pivotal studies and sharing the
costs of the combination studies via a success based milestone structure.

Previous guidance relating to the collaboration disclosed potential cash
payments to Adaptimmune of approximately $350m over the first 7 years from 2014
in relation to NY-ESO and two further programs. Given the changes announced
today, and the advances made across the collaboration, Adaptimmune is updating
and expanding this disclosure. Under the terms of the expanded agreement, the
potential development milestones Adaptimmune is eligible to receive solely in
relation to the NY-ESO program could amount to approximately $500 million,
excluding previously received payments, if GSK exercises its option and
successfully develops NY-ESO in more than one indication and more than one
Human Leukocyte Antigen (HLA) type. In addition, Adaptimmune would receive
tiered sales milestones and, as previously disclosed, mid-single to low double
digit royalties on worldwide net sales. GSK has the right to nominate up to
four additional targets in due course and Adaptimmune is eligible to receive
further significant undisclosed milestone payments in relation to these earlier
stage target programs.

Adaptimmune has also reiterated its prior cash burn guidance, which remains
unchanged as the majority of the expansion and acceleration costs will be
funded by GSK. For the full year 2016, the company expects its cash burn to be
between $80 and $100 million, excluding cash burn associated with business
development activities, and expects its cash position at December 31, 2016,
including cash, cash equivalents, and short term deposits, to be at least $150

About affinity enhanced T-cell candidates

Adaptimmune’s affinity enhanced T-cell candidates are novel cancer
immunotherapies that have been engineered to target and destroy cancer cells by
strengthening a patient’s natural T-cell response. Using its proprietary
technology, Adaptimmune has created a pipeline of affinity enhanced T-cell
therapies targeting certain antigens, including cancer testis antigens such as
NY-ESO. NY-ESO-1 is one of the best-characterized and most immunogenic cancer
testis antigens, and is frequently expressed by tumors of different origins and
in advanced tumors. The company’s trials in the NY-ESO-1 program in multiple
myeloma, melanoma, sarcoma and ovarian cancer continue to generate encouraging

About Adaptimmune

Adaptimmune is a clinical stage biopharmaceutical company focused on novel
cancer immunotherapy products based on its T-cell receptor (TCR) platform.
Established in 2008, the company aims to utilize the body’s own machinery - the
T-cell - to target and destroy cancer cells by using engineered, increased
affinity TCRs as a means of strengthening natural patient T-cell responses.
Adaptimmune’s lead program is an affinity enhanced T-cell therapy targeting the
NY-ESO cancer antigen. Its NY-ESO TCR affinity enhanced T-cell therapy has
demonstrated signs of efficacy and tolerability in Phase 1/2 trials in solid
tumors and in hematologic cancer types, including synovial sarcoma and multiple
myeloma. In addition, Adaptimmune has a number of proprietary programs. The
company has identified over 30 intracellular target peptides preferentially
expressed in cancer cells and is currently progressing 12 through unpartnered
research programs. Adaptimmune has over 200 employees and is located in
Oxfordshire, U.K. and Philadelphia, USA. For more information:

GSK – one of the world’s leading research-based pharmaceutical and healthcare
companies – is committed to improving the quality of human life by enabling
people to do more, feel better and live longer. For further information please

Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made
by GSK, including those made in this announcement, are subject to risks and
uncertainties that may cause actual results to differ materially from those
projected. Such factors include, but are not limited to, those described under
Item 3.D 'Risk factors' in the company's Annual Report on Form 20-F for 2014.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 (PSLRA). These
forward-looking statements involve certain risks and uncertainties. Such risks
and uncertainties could cause our actual results to differ materially from
those indicated by such forward-looking statements, and include, without
limitation: the success, cost and timing of our product development activities
and clinical trials and our ability to successfully advance our TCR therapeutic
candidates through the regulatory and commercialization processes. For a
further description of the risks and uncertainties that could cause our actual
results to differ materially from those expressed in these forward-looking
statements, as well as risks relating to our business in general, we refer you
to our Annual Report on Form 20-F filed with the Securities and Exchange
Commission on October 13, 2015. The forward-looking statements contained in
this press release speak only as of the date the statements were made and we do
not undertake any obligation to update such forward-looking statements to
reflect subsequent events or circumstances.

Adaptimmune Contacts

Will Roberts
Vice President, Investor Relations
T: (215) 825-9306

Margaret Henry
Head of PR
T: +44 (0)1235 430036
Mob: +44 (0)7710 304249

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