Date: 2011-02-25
Type of information: Company acquisition
Acquired company: Cellerix (Spain)
Acquiring company: Tigenix (Belgium)
Amount:
Terms: The two cell therapy-focused biotechnology companies,TiGenix and Cellerix have entered into a contribution agreement to combine the operations of both companies by means of a share for share exchange. Under the terms of the contribution agreement, TiGenix will issue approximately 44.8 million new TiGenix shares as consideration for the contribution in kind by Cellerix shareholders, holding all of the outstanding Cellerix shares, into TiGenix at an agreed subscription price of €1.2977 per new TiGenix share, valuing Cellerix at approximately € 58 million, including Cellerix’ expected cash position of about €18 million.
Details: This consolidation between the two leading European stem cell companies represents an important step in the field of regenerative medicine and cell therapy. The combination of TiGenix’ marketed product portfolio and proprietary pre-clinical stem cell platform with a clinical stage allogeneic stem cell platform and pipeline is part of TiGenix’ external growth strategy and further strengthens its position as an international leading player in the fast growing field of regenerative medicine and cell therapy. The initial focus of the combined group will remain on damaged and arthritic joints while ensuring long term upside potential through expansion to other inflammatory and autoimmune disorders of high unmet medical need. With headquarters in Leuven and focused operations in Spain, the Netherlands and the United Kingdom, the combined group will be well positioned to become the leading cell therapy company in Europe.
The combined group will enjoy the following characteristics:
Related: stem cell
regenerative medicine
cell therapy