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Elbit Imaging Announces Novartis to Invest $5M in Gamida for ~2.5% Stake

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Elbit Imaging Ltd. (NASDAQ: EMITF) announced today, further to its announcement on June 3, 2015, that Gamida Cell Ltd. ("Gamida")  an indirect Associate of the Company, has entered into agreement with Novartis Pharma AG (NYSE: NVS), which consists of the following material agreements:

At the closing of the Agreement, Novartis will invest in Gamida an immediate amount of $5 million (the "Investment Amount"), in return for approximately 2.5% in Gamida on a fully diluted basis. Novartis will then hold approximately 18% in Gamida on a fully diluted basis.

In addition, in the event that by the end of 2017 Gamida shall raise the minimum remaining funding required to cover the Phase III study of NiCord, by way of an equity investment, Novartis will invest in Gamida, subject to certain conditions set in the Agreement, an additional amount of up to US$ 10 million (the "Future Investment").

The closing of the Agreement is conditioned upon certain standard conditions as described in the Agreement.

The Company holds approximately 82.7% of the share capital of Elbit Medical Technologies Ltd. (TASE: EMTC-M) (on a fully diluted basis) which, in turn, will hold, after

See full press release

 

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