Brooklyn, NY – June 14, 2021 – Brooklyn ImmunoTherapeutics said Monday it has executed a letter of intent to buy Novellus Therapeutics, a company developing mesenchymal stem cell therapies.
The companies said they intend to sign an agreement and work to close the acquisition by July 15. The letter of intent values Novellus Therapeutics at $125 million, which Brooklyn proposed to pay through a combination of $17.4 million in cash and $107.6 million in its common stock.
Brooklyn said it has more than $43 million in cash on its balance sheet to fund the cash component of the transaction.
Brooklyn is focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, both as a single agent and in combination with other anti-cancer therapies. The company is also exploring opportunities to advance oncology, blood disorder, and monogenic disease therapies using highly innovative gene editing/cell therapy technology.