StemCells completes acquisition of operating assets and businesses of SCS

StemCells, a biotechnology company, has completed the acquisition of substantially all of the operating assets and liabilities of Stem Cell Sciences, an international R&D company, for 2.65 million shares of StemCells common stock and approximately $700,000 in cash.

As a result, StemCells has acquired cell technologies relating to embryonic stem cells, induced pluripotent stem cells, and tissue-derived stem cells; expertise and infrastructure for providing cell-based assays for drug discovery; the SC Proven media formulation and reagent business.

StemCells also acquired an intellectual property portfolio with claims relevant to cell processing, reprogramming and manipulation, as well as to gene targeting and insertion; and existing business and license relationships with several major life science companies, such as Merck and Millipore.

As part of the acquisition, the company has added approximately 20 employees, all currently based in Cambridge, UK or near Melbourne, Australia, to its 55 employees already on payroll.

Martin McGlynn, president and CEO of StemCells, said: We believe the acquisition of the Stem Cell Sciences (SCS) assets will enable us to leverage our investments in cell technologies to develop non-therapeutic applications, such as cell-based assays, media and reagent tools, in order to pursue nearer-term commercial opportunities.