BTX - Brooklyn ImmunoTherapeutics completes acquisition of Novellus Therapeutics

Brooklyn ImmunoTherapeutics ([[BTX]] -4.5%) has completed its acquisition of Novellus Therapeutics.The transaction advances Brooklyn’s evolution into a platform company with a pipeline of next-generation engineered cellular, gene editing and cytokine programs. Key transaction highlights: Brooklyn acquired Novellus for a total consideration of $125M, consisting of $23M in cash and 7,022,230 shares of common stock at $14.53, for total price of $102M.Following the transaction, Brooklyn had ~$25M of cash, which is expected to be sufficient to fund operations through the end of 2023.The transaction relieves Brooklyn from its obligation to pay Novellus a set of upfront fees, clinical development milestone fees and post-registration royalties under a license agreement entered into in April 2021 with Novellus and Factor.Also, Brooklyn also acquired 25% of the outstanding equity of NoveCite, a company focused on bringing an allogeneic (off-the-shelf) MSC product to patients with acute respiratory distress syndrome (ARDS), including from COVID-19. The transaction is expected to enable

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Brooklyn ImmunoTherapeutics completes acquisition of Novellus Therapeutics