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BioTime closes acquisition of Asterias Biotherapeutics

Alameda, Calif.-based BioTime Inc. completed its acquisition of biotechnology company Asterias Biotherapeutics Inc.

Under the all-stock deal, Asterias shareholders received 0.71 share of BioTime for each Asterias share held. Asterias owns about 16.2% of the combined company.

Asterias Biotherapeutics has filed for the delisting of its common shares on NYSE American following completion of the deal.

Fremont, Calif.-based Asterias develops cell-based therapeutics to treat neurological conditions associated with demyelination and cellular immunotherapies to treat cancer.