Aastrom Biosciences (ASTM) shares surged Monday, after the developer of treatments for severe, chronic cardiovascular diseases said it agreed to buy Sanofi’s (SNY) Cell Therapy and Regenerative Medicine (CTRM) business for $6.5 million.
Of the total, $4 million is payable in cash at closing and $2.5 million payable in the form of a promissory note. The acquisition is scheduled to close in approximately three weeks.
Through the acquisition, Aastrom is acquiring global commercial rights to three marketed autologous cell therapy products. Aastrom will also acquire global manufacturing and production centers located in the United States and Denmark.
ASTM was up 25% at $4.41 in recent trading shortly after the open, but remains near the bottom of a 52-week range of $3.14 to $17.79.
SNY, meanwhile, edged up 0.2% to $52.43 in a 52-week range of $46.95 to $55.94.