StemCells plans to acquire certain assets of UK-based Stem Cell Sciences for as much as $4.85 million, the companies said this week.

As part of the deal, Palo Alto, Calif.-based StemCells plans to provide SCS with 2.65 million of its shares and approximately $715,000 in waived loan payments.

Expected to close within two months, the deal will see StemCells acquire SCS' R&D operations in Cambridge, UK, and a facility near Melbourne, Australia.

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