BioTime Moves Forward on Stem Cell Asset Acquisition

Alameda biotech firm BioTime announced late yesterday that it is making progress on its efforts to acquire stem cell research and development assets from Geron Corporation of Menlo Park.

The proposed deal was originally announced in October, and at that time was expected to be worth $53 million.

Now, BioTime says that it has secured a commitment for $10 million private investment funds to consummate the deal, and that it has entered into a non-binding letter of intent with Geron Corporation that outlines broad terms of a transaction.

The private investor, however, has not been named, and the two companies need to work out a definitive agreement to complete the deal.

BioTime CEO Michael West says that if the transaction is closed, the $10 million in new money will help restart development of new products and technologies based on the acquired stem cell assets.