NeoStem to acquire California Stem Cell, expanding pipeline

USA-based NeoStem (NYSE Amex: NBS) has entered into a definitive agreement to acquire California Stem Cell (CSC), an Irvine, California-based stem cell biotechnology company in a stock and potential cash deal.

The merger accord provides for the issue of an aggregate of up to about 5.33 million shares of NeoStem common stock, restricted and subject to a holding period, in exchange for all of the CSC outstanding stock and options. CSC shareholders will be eligible for additional milestone and royalty payments of up to $90 million, which may be payable in cash or shares of NeoStem common stock at NeoStem's discretion.

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