Polski Bank Komorek Macierzystych (PBKM) has announced that it has decided not to negotiate the purchase of part of Cryo-Save’s business from Dutch Esperite NV.
No agreement on the terms of disposal
In February, PBKM and Esperite, a Dutch biotechnology company, signed a memorandum of understanding regarding the potential acquisition by the Polish company of all Cryo-Save activities related to stem cell banking. Cryo-Save is one of the largest stem cell banks in Europe, storing over 330,000 cord blood and tissue samples.
Pursuant to the provisions of the agreement, PBKM was granted exclusive rights to conduct negotiations until the end of June. The maximum purchase price was to be €10m, less certain liabilities under the proposed acquisition. PBKM has now announced its resignation from the negotiations. The companies did not reach an agreement on the terms of the sale.
PBKM will store the cells from Cryo-Save
With the signing of the memorandum of understanding, both parties also signed a back-up and storage agreement. It concerns the storage of all preparations of Cryo-Save stem cells in PBKM laboratories in Warsaw. The agreement was concluded for 5 years with the possibility of extension. The condition was to obtain consent from both parties from the relevant authorities. According to PBKM, the contract for cellular storage remains in force despite the fact that the purchase negotiations have been terminated.
As we informed in April, PBKM defined a list of potential transaction targets that may be achieved in the next few quarters. The value of this basket is approximately €60m.