News
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 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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