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The acquisition will support the accelerated commercialization of Kyslecel (autologous pancreatic islets), Koligo’s personalized cell therapy for treating pancreatitis.
On Sept. 29, 2020, Orgenesis, a biotech company specializing in cell and gene therapies, and Koligo Therapeutics, a regenerative medicine company, announced that they have entered into a definitive merger agreement. Under the agreement, Orgenesis will acquire all of the outstanding stock of Koligo from its shareholders, which includes the founders and staff of Koligo and a subsidiary of Bergen Special Opportunity Fund, an institutional investor managed by Bergen Asset Management.
The acquisition terms come to an aggregate $15 million in shares of Orgenesis’ common stock, valued at $7.00 per share, which will be issued to Koligo’s accredited investors and an assumption of $1.3 million in Koligo’s liabilities, estimated to be substantially all of Koligo’s liabilities. The transaction is subject to final closing conditions and is expected to close before the end of this year.
Following the close of the transaction, Orgenesis plans to accelerate the commercial scaleup of Kyslecel (autologous pancreatic islets), Koligo’s personalized cell therapy for treating chronic and recurrent acute pancreatitis, throughout the United States. Subject to regulatory and logistical considerations, Orgenesis will do the same in international markets as well.
Also, upon close of the transaction and pending FDA review and clearance of Orgenesis’ investigational new drug application, Orgenesis expects to start patient recruitment for a Phase II clinical trial of KT-PC-301 in COVID-19 patients. Orgenesis also plans to leverage Koligo’s 3D-V bioprinting technology across its POCare platform.