Mergers & Acquisitions: BioTime To Buy ES Cell International

May 3, 2010 (FinancialWire) — BioTime, Inc. (AMEX: BTIM), a biotechnology firm that develops and markets products in the field of stem cells and regenerative medicine, said that it has agreed to acquire Singapore-based ES Cell International Pte Ltd.

According to BioTime, the acquisition is scheduled 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.

BioTime said it plans to combine the newly-acquired assets with its ACTCellerate and ReCyte 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 around $35 million of debt and accrued interest.

According to BioTime, ESI has no significant liabilities other than the debt obligations that BioTime will own after the acquisition.

ESI offers embryonic stem cell technology, and for years has been a distributor of hES cell lines to the research community. More recently, ESI has produced an additional six new clinical-grade human embryonic stem cell lines and currently offers them for potential use in therapeutic product development.

The firm’s assets also include 20 patent families, including 50 issued patents in the field of stem cell biology, and an equity position in the Israel-based stem cell company CellCure Neurosciences Ltd.

California-based BioTime is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. BioTime develops and markets research products in the field of stem cells and regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. BioTime’s subsidiary OncoCyte focuses on the therapeutic applications of stem cell technology in cancer.

The company said it also plans to develop therapeutic products in China for the treatment of ophthalmologic, skin, musculo-skeletal system and hematologic diseases, including the targeting of genetically modified stem cells to tumors as a novel means of treating currently incurable forms of cancer through its subsidiary BioTime Asia.

In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic surgery, and technology for use in surgery, emergency trauma treatment and other applications.

BioTime's lead product, Hextend, is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under licensing agreements.

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