Palo Alto, CA-based StemCells has struck a deal to buy virtually all of the assets of London-based Stem Cell Sciences for 2.65 million shares of stock at $715,000 in cash.
The UK's Stem Cell Sciences is focused on commercializing applications of stem cell technologies for drug discovery and regenerative medicine research. StemCells is focused on the discovery and development of tissue-derived cellular products for therapeutic uses.
"The industrial logic of this acquisition is compelling," said Martin McGlynn, the CEO of StemCells. "StemCells has established itself as a world leader in tissue-derived stem and progenitor cells for therapeutic uses, while Stem Cell Sciences has focused on non-therapeutic applications for embryonic and tissue derived stem cells, such as cell-based assays for drug discovery and screening. This proposed acquisition will combine three distinct stem cell platforms, adult, embryonic and iPS cells, for both therapeutic and drug discovery applications, and will position StemCells to diversify and pursue near-term commercialization opportunities while continuing to develop our cell-based therapeutic products."
Stem Cell Sciences says it will distribute the proceeds to shareholders and wind down its operations.
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