Avalon GloboCare Adds Cell Therapy-Based Candidates For Cancer With SenlangBio Acquisition: Highlights
- Avalon GloboCare Corp (NASDAQ: AVCO) has agreed to acquire Hebei Senlang Biotechnology, dubbed SenlangBio, a China-based cell therapy company, in an all-stock transaction.
- In connection with the transaction, Avalon will issue 81 million shares of its common stock.
- The acquisition will add SenlangBio's diverse and broad pipeline covering solid tumors and hematologic malignancies, including both autologous and off-the-shelf cell therapy programs.
- The acquisition adds 16,000 square-foot large-scale bio-manufacturing capabilities and capacities, including:
- Five production lines are dedicated to autologous CAR-T with an estimated annual capacity to produce 5,000-unit doses.
- Two universal (off-the-shelf) production lines with an estimated annual output of 10,000-unit doses of CAR-γδT cell therapy products.
- An institutional healthcare investor has also agreed to invest approximately $$30 million in exchange for about 15.6% of the equity ownership of SenlangBio in a private placement financing.
- Management: David Jin will continue to serve as President and CEO of Avalon GloboCare and co-CEO of the SenlangBio subsidiary.
- Jianqiang Li, scientific founder and CSO of SenlangBio, will join the board of directors of Avalon and serve as the CTO of Avalon.
- Price Action: AVCO shares are down 2.42% at $1.21 during the market session on the last check Monday.
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