ACT agrees to buy Mytogen for $5M
California, USA-based Advanced Cell Technology has signed a letter of intent to acquire Massachusetts-headquartered Mytogen, a developer of myoblast transplantation treatments, for $5.0 million, payable in the former's common stock. ACT said that the transaction, which is expected to close by July 15, is subject to various regulatory conditions, including product approvals by the Food and Drug Administration.
Under the terms of the deal, which includes the assumption of $1.0 million in liabilities, Mytogen will be provided with warrants to buy an additional 1.5 million shares at $1.00, subject to the achievement of certain performance-based milestones. Further financial details of the purchase were not provided.
Boost to stem cell operations
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