Ann Arbor’s Aastrom Acquires French-based Firm for $6.5M

1850

Aastrom Biosciences Inc., a leading regenerative medicine company based in Ann Arbor, is acquiring a firm specializing in cell therapy and regenerative medicine from Paris-based Sanofi for $6.5 million.

“The (cell therapy and regenerative medicine) business brings us global manufacturing, marketing, and sales capabilities,” says Nick Colangelo, president and CEO of Aastrom, which develops treatments for severe, chronic cardiovascular diseases.

As part of the agreement, Aastrom will acquire global manufacturing and production centers in the United States and Denmark. It will also gain global commercial rights for treatments for joint cartilage defects and a skin replacement for severe burns. Revenue for the products was $44 million in 2013.

“This transaction also provides us with a platform to generate operating income to support the development of our high-potential pipeline products and continued growth through additional strategic transactions,” Colangelo says.

The acquisition is scheduled to close in May.

IN OTHER MEDICAL NEWS, ProNAi Therapeutics, a Plymouth-based cancer biotech company, announced Monday it has closed on $59.5 million of Series D financing. The funding is a transformative milestone for the company, which has seen success with treating Non-Hodgkin’s Lymphoma patients in clinical trials, says Mina Sooch, president and CEO of ProNAi.

“We are pleased to have attracted such an experienced and well regarded group of investors,” Sooch says. “Their support of this financing will allow us to execute our plans with greater speed and broader reach.”

Facebook Comments