Shire news6 Mar 2018 16:19
Shares of biopharmaceutical company Caladrius Biosciences Inc (NASDAQ:CLBS) are soaring nearly 25% to $6.35 in pre-market trading Tuesday. All of this appears to be a result of CLBS's announcement this morning that it has entered into a definitive agreement with Shire (NASDAQ:SHPG) to acquire a late stage CD34+ cell therapy program for the treatment of chronic myocardial ischemia targeting refractory angina. Valuation-wise, it's hard to say whether CMC is getting a good price on this asset.
Under the terms of the agreement, Caladrius acquired the exclusive worldwide rights to the data set and regulatory filings for the CD34+ cell therapy program for the treatment of refractory angina. In exchange, Shire will receive undisclosed up-front consideration, milestones and a royalty on product sales.