BioTime, Inc. Announces Agreement to Acquire
ES Cell International
Acquisition to Accelerate BioTime’s Development of Human Stem Cell-Based Therapeutics
April 29, 2010 01:03 PM Eastern Daylight Time
ALAMEDA, Calif.--(EON: Enhanced Online News)--BioTime, Inc. (NYSE Amex:BTIM), a biotechnology
company that develops and markets products in the field of stem cells and regenerative medicine, today announced
that it has agreed to acquire the Singapore-based company ES Cell International Pte Ltd (ESI). The acquisition is
expected to close next week, at which time BioTime will provide full details of the acquisition and outline its business
plans with respect to the acquired assets.
Established in 2000, ESI has been at the forefront of advances in human embryonic stem cell technology, being one
of the earliest distributors of hES cell lines to the research community. More recently, ESI has produced an
additional 6 new clinical-grade human embryonic stem cell lines that were derived following principles of Good
Manufacturing Practice (GMP) and currently offers them for potential use in therapeutic product development. ESI’s
assets also include 20 patent families, including 50 issued patents in the field of stem cell biology, and a significant
equity position in the Israel-based stem cell company CellCure Neurosciences Ltd. BioTime plans to combine the
newly-acquired assets with its ACTCellerateTM and ReCyteTM technologies to accelerate the development of
numerous human therapeutic products.
At closing, BioTime will issue approximately 1.38 million of its common shares and 300,000 warrants to purchase
additional common shares. This new class of BioTime warrants will have an exercise price of $10 per BioTime
common share and a term of four years. In exchange for these shares and warrants, BioTime will acquire all of ESI's
outstanding ordinary and preferred shares, and all of ESI's approximately $35 million of debt and accrued interest.
ESI has no significant liabilities other than the debt ob