New York – Paul Hastings LLP, a leading global law firm, announced today that the firm represented Caladrius Biosciences, Inc., (CLBS) a NASDAQ-listed clinical stage development company with a cell therapy pipeline focused on immune modulation and select cardiovascular indications, in the sale of its subsidiary PCT to Hitachi Chemical Co. America, Ltd. Hitachi Chemical previously acquired a 19.9% stake in PCT, in March 2016. The agreement to purchase the remaining interest was announced on March 16, 2017, and closed on May 18, 2017. The $75 million purchase price for the remaining interest in PCT valued the subsidiary at approximately $94 million; and the price paid at closing is subject to increase based on PCT’s total cumulative revenue in 2017-2018.
The Paul Hastings team was led by partner Neil Torpey and of counsel Keith Pisani, and also included partners Kevin Logue and Eric Keller, and associates Sean Murphy, Shai Vander, Lu Wang and Michael DiRaimo.
Caladrius intends to use the proceeds from this transaction for working capital and to fully eliminate the Company's outstanding debt.
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