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BioTime (NYSE:BTX), a clinical-stage biotechnology company focused on degenerative diseases, announced a new strategic alignment between AgeX Therapeutics and Juvenescence Limited, a global leader in developing therapeutics focused on improving and extending human lifespans. As quoted in the press release: Under the terms of the agreement, Juvenescence will purchase, in a single transaction, 14.4 million …
BioTime (NYSE:BTX), a clinical-stage biotechnology company focused on degenerative diseases, announced a new strategic alignment between AgeX Therapeutics and Juvenescence Limited, a global leader in developing therapeutics focused on improving and extending human lifespans.
As quoted in the press release:
Under the terms of the agreement, Juvenescence will purchase, in a single transaction, 14.4 million shares of AgeX Therapeutics from BioTime for $43.2 million. 50% of the purchase price will be paid to BioTime in cash and the remaining 50% will be a 2-year convertible/redeemable note with an annual interest rate of 7%, payable at maturity.
“This transformative agreement is an important step in BioTime’s strategy of simplification and unlocking value for BioTime shareholders,” said Adi Mohanty, Co-Chief Executive Officer of BioTime. “It also provides BioTime with significant non-dilutive funding while allowing our shareholders to benefit from the potential future success of AgeX and Juvenescence. We are thrilled to partner with Juvenescence, which is a world class organization with a proven and seasoned team of experts in drug development, strategy, commercialization and finance.”