On Thursday, Atara Biotherapeutics Inc. (NASDAQ: ATRA) said that not only has it planned a change at the head of the company but also it has entered into a new licensing agreement for its treatment of patients with mesothelin-associated solid tumors.

First, the firm announced that Isaac Ciechanover, M.D., plans to step down as the president and chief executive. The board of directors already has initiated a search for his successor. Dr. Ciechanover will remain in his role as president and CEO until either the appointment of his successor or June 30, 2019.

Carol G. Gallagher, Pharm.D., Atara’s lead independent director, commented:

Isaac is a visionary founder and CEO who started Atara in honor of his mother to transform the lives of patients with serious medical conditions. Over the past six years, Isaac has dedicated himself to building Atara into a leading T-cell immunotherapy company. Atara’s collaboration with MSK announced today furthers the Company’s vision to develop ground-breaking CAR T immunotherapies. We on the board wish to thank Isaac for his extraordinary leadership and look forward to his continued contribution to advancing new medicines and improving patient lives.

Separately, Atara announced that it has exclusively licensed worldwide rights to a mesothelin-targeted chimeric antigen receptor T-cell (CAR T) immunotherapy for solid tumors from Memorial Sloan Kettering Cancer Center (MSK).

The most advanced program in Atara’s CAR T collaboration with MSK will focus on development of a next-generation, mesothelin-targeted CAR T for patients with mesothelin-associated solid tumors.

Prasad S. Adusumilli, M.D., FACS, Deputy Chief of Thoracic Service, Director of Mesothelioma Program and Head of Solid Tumors Cell Therapy at the Cellular Therapeutics Center at MSK, commented:

We are excited by the promising initial clinical results of the mesothelin-directed CAR T approach and believe mesothelin, an antigen well recognized as associated with aggressive solid tumors, is a promising target for developing a next-generation CAR T incorporating our PD-1 DNR technology.

Shares of Atara were last seen down over 8% at $32.25, in a 52-week range of $17.20 to $54.45. The consensus analyst price target is $45.60.

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