Israel's Gamida Cell gets buyout offer from unnamed drugmaker
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[March 18, 2014]
— Israeli developer of stem
cell therapies Gamida Cell has received a buyout offer worth
hundreds of millions dollars from an unnamed global pharmaceutical
company, two shareholders in the company said on Tuesday.
Elbit Medical Technologies, which has a 30.8 percent
share in Gamida, said the offer includes a "significant immediate
payment and additional future payments totaling hundreds of millions
Israel's Globes financial daily reported that the interested buyer
was Swiss drugmaker Novartis, though a spokeswoman for Elbit said
they were not commenting on the report.
The offer was received on March 7, said Clal Biotechnology
Industries, which has about 22 percent of Gamida, in its own
statement to the Tel Aviv Stock Exchange.
Gamida said it is developing a pipeline of products to treat a wide
range of conditions, including blood cancers and solid tumors. Its
StemEx treatment is being tested as part of a transplant regimen for
patients with high risk leukemia and lymphoma.
The future payments would be conditioned upon meeting milestones in
development, registration and sales, Elbit and Clal said.
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Other Gamida shareholders include Teva Pharmaceutical Industries,
Amgen, Denali Ventures, Auriga Ventures and Israel Healthcare
Venture.Elbit Medical is 90 percent owned by Elbit Imaging.
(Reporting by Ari Rabinovitch)
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