US cardiovascular drug developer Aastrom Biosciences (NasdaqCM: ASTM) has entered into a definitive agreement to acquire French drug major Sanofi's (Euronext: SAN) Cell Therapy and Regenerative Medicine (CTRM) business.
Under the terms of the accord, Aastrom will pay $6.5 million, with $4 million payable in cash at closing and $2.5 million in the form of a promissory note. The acquisition is subject to customary closing conditions and is scheduled to close in around three weeks.
Sanofi acquired the CTRM business along with the around $20 billion purchase of Genzyme in 2011. Through the CTRM acquisition, Aastrom is gaining global commercial rights to three marketed autologous cell therapy products.
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