- Global Cord Blood Corporation CO will acquire Cellenkos Inc and the rights to develop and commercialize all of its existing and future products worldwide.
- The deal does not include products related to Cellenkos's existing collaboration with Incyte Corporation INCY.
- Global Cord will issue approximately 125 million new shares (on an as-converted and fully diluted basis) valued at $11 per share and pay $664 million in cash.
- Cellenkos is developing cellular medicines to suppress severe inflammations of COVID-19, Acute Respiratory Distress Syndrome (ARDS), amyotrophic lateral sclerosis, and aplastic anemia.
- One of its core products, CK0802, has completed a Phase 1 safety and early efficacy trial for COVID-19 induced ARDS in 45 patients.
- CK0802 infusions were well-tolerated, and the 100 million cell dose was likely associated with improvements in the primary endpoint of being alive and extubated at day 28 and in the overall survival.
- Price Action: CO shares closed at $3.43 on Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.