Paul Hastings Represents Caladrius Biosciences, Inc. in Sale of its Subsidiary PCT to Hitachi Chemical Co America, Ltd.
May 18, 2017
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
Shai Vander, Lu Wang and
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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