Global Cord Blood Enters Therapy Market Via Cellenkos Acquisition For Over $600M

Global Cord Blood Corporation CO will acquire Cellenkos Inc and the rights to develop and commercialize all of its existing and future products worldwide.
The deal does not include products related to Cellenkos's existing collaboration with Incyte Corporation INCY.
Global Cord will issue approximately 125 million new shares (on an as-converted and fully diluted basis) valued at $11 per share and pay $664 million in cash.
Cellenkos is developing cellular medicines to suppress severe inflammations of COVID-19, Acute Respiratory Distress Syndrome (ARDS), amyotrophic lateral sclerosis, and aplastic anemia.
One of its core products, CK0802, has completed a Phase 1 safety and early efficacy trial for COVID-19 induced ARDS in 45 patients.
CK0802 infusions were well-tolerated, and the 100 million cell dose was likely associated with improvements in the primary endpoint of being alive and extubated at day 28 and in the overall survival.
Price Action: CO shares closed at $3.43 on Friday.