NEW YORK (GenomeWeb News) – StemCells today announced that it has completed its acquisition of UK-based Stem Cell Sciences for 2.65 million shares of its common stock and $700,000 in cash.
Based on the Tuesday closing price of StemCells' stock ($1.67), the deal is valued at around $4.4 million, lower than the $4.8 million estimated when the deal was signed in early March. SCS' shareholders overwhelmingly approved the deal last week at an extraordinary general meeting.
The acquisition provides Palo Alto, Calif.-based StemCells , which is focused on developing tissue-derived cellular products for therapeutic uses, with cell-based drug discovery technologies. Among the products StemCells gains through the deal are automated systems for production and manipulation of stem and progenitor cells, gene insertion technology for drug screening and for applications in cell and gene therapy, the SC Proven media formulation and reagent business, and SCS' licensing deals with firms, such as Merck and Millipore.