Proposed reverse takeover of Cell Therapy Limited by Ashington

17 August 2023

UK-based Ashington Innovation (LSE: ASHI) has agreed to acquire in Cell Therapy Limited in a £135 million ($172 million) reverse takeover, resulting in its own shares being suspended from trading in London.

Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure.

The directors of Ashington Innovation, a special purpose acquisition company (SPAC) established to acquire businesses primarily in the technology sector, value enhancing transaction for shareholders, which is fully aligned with the company's growth strategy. Cell Therapy's product and patent portfolio provides a platform to develop leading medicines, which have been validated in a human clinical trial and through granted patents in the US, UK, EU and Asia.

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