StemCells, Inc. to acquire cell-based drug discovery platforms and related businesses of Stem Cell Science pl
Stem Cell Sciences plc announced that it has entered into a definitive agreement with StemCells, Inc. a publicly traded Delaware corporation, for the sale of the Trading Subsidiaries of the Company and certain ancillary agreements, assets, properties and rights for a maximum total consideration of approximately US$4,849,000.
StemCells will acquire the operating subsidiaries and certain related assets of Stem Cell Sciences for 2,650,000 shares of StemCells common stock and approximately $715,000 of waived loan entitlements. The closing price for StemCells shares traded on Nasdaq on 27 February 2009 (being the last practicable date prior to publication of the circular) was $1.56 per share.
The transaction is subject to customary closing conditions, including the approval of the shareholders of SCS in general meeting.
Members of the SCS Board and other significant stockholders representing over 30% of the SCS shares outstanding have irrevocably agreed to vote in favor of the transaction. Approval by StemCells’ stockholders is not required.
Other news from the department business & finance
