London-listed Ashington Innovation has agreed to a reverse takeover with a biotech firm less than two months after floating with the intention of attracting a fintech deal, Proactive reports.
Under the non-binding terms, Ashington will acquire 100% of the total issued equity of Cell Therapy for £135 million (US$171.5) in an all-share transaction, and will also seek a £3 million fundraise to finance the drug development program and working capital.
Cell Therapy is a clinical-stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. Read more.
