CLBS - Caladrius Biosciences to merge with Cend Therapeutics

The shares of clinical-stage biotech Caladrius Biosciences (NASDAQ:CLBS) have added ~29% in the pre-market Wednesday in reaction to a merger agreement with the privately held Cend Therapeutics. Per the terms, Cend will merge with a subsidiary of Caladrius (CLBS) in an all-stock deal, following which the combined company, named as Lisata Therapeutics, will trade on the Nasdaq under the ticker symbol “LSTA.” Accordingly, Caladrius’ (CLBS) Chief Executive David J. Mazzo and Cend CEO David Slack will become CEO and Chief Business Officer of Lisata, respectively. After the closure of the transaction, Cend shareholders are set to receive nearly 60.5 million shares of Caladrius (CLBS) common stock and investors of each company will own about 50% of the merged entity. The deal values each company at $90 million, representing a 136% premium for Caladrius’ (CLBS) market cap as of Tuesday’s close. Following the deal, Lisata is expected to advance CEND-1 as its lead candidate

For further details see:

Caladrius Biosciences to merge with Cend Therapeutics