Here's a couple of relevant articles from the media thread which...

Here's a couple of relevant articles from the media thread which explain the background of Kincell Bio; the how/why it came to be established as it is highly relevant when analysing today's announcement:
Kincell spins out of cell therapy biotech, joining wave of manufacturing startups | BioPharma Dive

Kincell Bio Launches with $36M to Make Cell Therapy (globenewswire.com)


It is almost certain Imugene initially acquired Azer-cel manufacturing facility with the intention to run it. Precision BioScience did not have the funding to retain it and it was not needed for their remaining operations. The facility was needed by Imugene as it is setup to manufacture Azer-cel for clinical trial usage and employs specialists with the knowledge to produce the drug, and the CR & SPP run upon its acquisition was specifically to bolster cash reserves to fund the running of the facility.

It is highly likely Kincell approached Imugene to purchase the Azer-cel manufacturing facility. In July 2023, Kincell was spun out of Inceptor Bio and was provided a fully staffed manufacturing facility in Gainesville, Florida as part of the spinout. Kincell's objective was to grow its presence there as well in other markets such as the Research Triangle Park in North Carolina where the Azer-cel manufacturing facility is located. Kincell is a technology-forward contract development and manufacturing organization (CDMO) focused on cell therapies and the acquisition of the Azer-cel facility fits within their strategy.

It is likely Kincell will expand the facility to provide additional capacity to produce cell therapy drugs. Kincell is a manufacturing company, there is sizeable additional floor space available in the North Carolina facility and higher volume of production of Azer-cel will be required should Azer-cel receive approval from the FDA.

It is unlikely Imugene was the best organisation to fund and run a manufacturing facility. Imugene specialises in clinical stage oncology drug development and outsources all its other drug manufacturing requirements, whereas Kincell does specialise in that space.

Regardless of the drop in share price today, I think the strategic partnership announced today with Kincell Bio is in the best interest of shareholders of both companies.