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BioTime Inks Deal With Geron for Stem Cell Assets

BioTime is moving forward on it's $53 million deal to purchase stem cell research and development assets from Geron Corporation. (Google Street View)

BioTime is moving forward on it’s $53 million deal to purchase stem cell research and development assets from Geron Corporation. (Google Street View)

BioTime, Inc., an Alameda-based biotechnology company, announced today that it has signed a deal with Geron Corporation to acquire intellectual property and other assets related to human embryonic stem cell programs from Geron Corporation of Menlo Park.

BioTime announced its intent to make the acquisition last fall, and began to court shareholders for support; at the time, the deal was expected to be worth $53 million.

“Our consistent goal at BioTime has been to consolidate the pluripotent stem cell technology platform,” stated Michael West, Ph.D., Chief Executive Officer of BioTime, Inc. “With this contribution of assets, the combined intellectual property estate in the BioTime family of companies will be among the strongest in the field of Regenerative Medicine; establishing our leadership in the industry and advancing product development.”

Following a series of stock transactions, BioTime will own approximately 71.6% of a special-purpose company, BioTime Acquisition Corporation, set up for the deal, Geron stockholders will own approximately 21.4%, and an un-named private investor who has committed $10 million to the deal will own approximately 7.0%.

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