Monday, April 21, 2014

Aastrom Biosciences (ASTM) Grows By Acquisition

Aastrom Bioscience (ASTM) had to be halted this morning (02014.04.21) after the company announced it was acquiring Sanofi's Cell Therapy and Regenerative Medicine (CTRM) business for a purchase price of $6.5 million. From the press release:
Aastrom is acquiring global commercial rights to three marketed autologous cell therapy products. [...] Revenues of those three products were $44 million in 2013. Aastrom will also acquire global manufacturing and production centers located in the United States and Denmark.

Here's a quote from Aastrom's president/CEO: The acquisition of Sanofi's CTRM business is a transformative transaction that positions Aastrom as a fully-integrated global regenerative medicine company." -- Nick Colangelo

ASTM closed last Thursday (02014.04.17; market was closed on Friday) at $3.52. Today (02014.04.21) ASTM opened at $4.00 and spiked to $4.79. Right now (30 minutes into trading) ASTM is at $4.50, up ~28%.

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