Histogenics acquires ProChon Biotech in stock deal

Massachusetts, USA-based Histogenics Corp, a privately held regenerative medicine company, says that it has acquired Israeli firm ProChon Biotech in a stock-for-stock exchange.

Histogenics new management team will be led by president and chief executive Patrick O'Donnell, formerly CEO of ProChon Biotech. Mr O'Donnell will also participate as a member of the board of directors. The current investors provide for a strong investor syndicate that includes Altima Partners, Boston Millennia Partners, Foundation Medical Partners, and ProChon Holdings BV.

“This acquisition positions the new Histogenics as a leading regenerative medicine company with products in the clinic, with solid intellectual property, and with experienced commercial and technical management. Merging these two companies will have a significant positive impact on the adoption of regenerative medicine, beginning with cartilage regeneration and extending to other applications in the near term,” said Mr O’Donnell, adding: “We will leverage each company’s distinctive capabilities to develop a broad regenerative medicine pipeline that will address surgical applications in orthopedics, vascular and neurosurgery.”