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NantWorks acquires Altor BioScience

July 7, 2017 8:15 PM UTC

The NantCell immuno-oncology subsidiary of NantWorks LLC (Los Angeles, Calif.) will acquire Altor BioScience Corp. (Miramar, Fla.) for an undisclosed sum. NantCell said for each share of Altor held, shareholders will receive either $2 in cash or NantCell shares up front as well as two contingent value rights (CVRs) that are worth up to $4 per share following undisclosed regulatory and sales milestones. NantCell said the $2 per share up front represents a 20% premium to Altor's March equity financing, but NantCell did not respond to inquiries. Altor declined to provide details. The acquisition is expected to close 3Q17...