Back Bay Served as Financial Advisor in Acquisition of Novellus Therapeutics by Brooklyn ImmunoTherapeutics [Back Bay Transaction]
Back Bay Life Science Advisors served as financial advisor to Novellus LLC in the recent acquisition of Novellus Therapeutics by Brooklyn ImmunoTherapeutics (NYSE: BTX), a leader in cytokine and gene-editing/cell therapy in oncology.
Novellus Therapeutics is developing next‑generation engineered mesenchymal stem cell therapies using extensively patented mRNA-based cell reprogramming and gene editing technologies licensed from Factor Bioscience.
Read more about Brooklyn ImmunoTherapeutics acquisition of Novellus Therapeutics in the company press release and here. Key transaction highlights include:
Brooklyn acquired Novellus for consideration totaling $125 million, which consisted of $23 million in cash and 7,022,230 shares of Brooklyn common stock, which were valued at a total of $102 million based on a price of approximately $14.53 per share. Immediately following the closing, the shares issued represented, on an as-converted basis, 13.6% of the shares of Brooklyn’s outstanding common stock, which closed at a price of $10.05 per share on July 16, 2021.
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