ARTICLE | Company News

Amorcyte, NeoStem deal

July 25, 2011 7:00 AM UTC

NeoStem will acquire cardiovascular company Amorcyte in a stock deal valued at $9.8 million based on NeoStem's closing price of $1.44 on July 13, before the deal was announced. Amorcyte shareholders will receive 6.8 million NeoStem shares and seven-year warrants to purchase up to an additional 1.9 million shares at $1.46. Amorcyte shareholders are also eligible for an additional 4.1 million shares, valued at $5.9 million, in milestones related to AMR-001 autologous bone marrow-derived stem cells, plus 10% royalties where NeoStem markets AMR-001 and 30% of revenue from AMR-001 licensing. The closing, which is expected within two to three months, is subject to NeoStem and Amorcyte shareholder approval. Details were not disclosed. ...