Precious Cells BioBank’s acquisition of stem cell tech Pharmacells is first deal in the sector in the UK
UK-based international provider of stem cell technologies Precious Cells BioBank has agreed terms to acquire stem cell technology specialist Pharmacells Group. This deal will provide Precious Cells BioBank with its own proprietary adult blood stem cell collection service and is projected to add £25 million ($42.7 million) in revenue over the next three years.
Pharmacells’ Oristem technology allows stem cells to be collected from adults’ blood, and yields up to 25 times more stem cells than taking from other sources. Having this service in-house will enable Precious Cells BioBank to target the large adult market and will accelerate its growth into initiating clinical trials for stem cell therapies for a range of illnesses.
The company estimates that this acquisition will give a boost of up to £3 million in the first year, £7 million the following year and more than £15 million in the third. It expects to create 50 new jobs over the next three years to meet demand for the combined services.
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