StemCells, Inc. to acquire cell-based drug discovery platforms and related businesses of Stem Cell Science pl
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.
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