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Fibrocell Spikes 60% After Receiving Cash Bid From Castle Creek Pharma

Fibrocell Spikes 60% After Receiving Cash Bid From Castle Creek Pharma

Castle Creek Pharmaceutical Holdings announced it will acquire Fibrocell Science, Inc. (NASDAQ: FCSC), a cell and gene therapy company in a $3 per share cash.

Castle Creek Pharmaceuticals is a privately held company developing therapies for patients with rare, serious or debilitating dermatologic conditions.

“Fibrocell's gene therapy platform can be advanced into additional areas of high, unmet need with the potential to develop multiple, promising new therapies," the company said in a statement.

Castle Creek Pharmaceuticals already has a licensing and development collaboration with Fibrocell, which began in April.

"As one company, we will be in a strong position to push forward initially with two late-stage clinical development programs targeting different types of EB [a rare genetic condition] with investigational gene and topical therapies, and one potential therapy for scleroderma," said Greg Wujek, CEO of Castle Creek in a statement.

EB is a rare genetic condition that leads to extremely fragile skin resulting in mild to severe blistering, skin erosion and peeling of the epidermis layers in response to minor injury. There are currently no treatment options approved by the U.S. Food & Drug Administration.

Fibrocell Science shares were trading up 58.47% at $2.90 in Friday’s pre-market session. The stock has a 52-week range between $3.28 and $1.45.

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