Avalon GloboCare Corp. (NASDAQ: AVCO) disclosed that it has finally inked an agreement to acquire Hebei Senlang Biotechnology Co. Ltd. Avalon will purchase patented cellular therapy portfolio of SenlangBio comprising of multiple autologous and allogeneic candidates, involving both single-target therapies as well as “cocktail” combinations.
As per the agreement, Avalon will grant 81 million shares of its common stock to purchase SenlangBio. The terms of the buying will be explained in Avalon’s Current Report on Form 8-K to be filed concerning the Purchase on or about the data contained in this document. Moreover, Avalon is also intending to get authorization from its stockholders for the issuance of the Purchased Shares.
Furthermore, it has been disclosed that this buying will include SenlangBio’s diverse and broad pipeline encompassing solid tumors and hematologic malignancies, involving both autologous and universal cell therapy programs. Moreover, this buying will also add sophisticated cell/gene engineering and patented cell expansion expertise to allow the design and development of advanced cell therapy candidates with improved therapeutic effectiveness and safety profile.
In addition to this, Avalon and SenlangBio have also inked an agreement with the institutional healthcare investor which has pledged to spend nearly USD 30 million in exchange for nearly 15.6% of the equity ownership of SenlangBio in a private placement financing.