The Novartis dug
company is in advanced talks to buy up Israeli-based stem cell treatments
developer Gamida-Cell for $600 million, sources told the Globes business newspaper.
Slightly more
than half of Gamida-Cell is owned by Clal Biotechnology and Elbit Medical
Technologies, a subsidiary of Elbit Imaging.
Gamida-Cell has
been considering offering an IPO on Wall Street, but the reported purchasing
price offered by Novartis is far more than the revenues it would raise on its
own.
Gamida Cell has
proprietary technology for growing the number and density of stem cells within
a specific blood sample and seeks to enhance umbilical cord blood donations for
implants to cure blood cancer in adults.
Currently,
umbilical cord blood can only be used for implant in people weighing less than
90 pounds, according to Globes.
SOURCE
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