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BioTime closes sale of $43.2M stake in AgeX unit

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BioTime closes sale of $43.2M stake in AgeX unit

BioTime Inc. completed the sale of 14.4 million shares in its AgeX Therapeutics Inc. unit to Juvenescence Ltd. for $43.2 million.

Juvenescence, which is developing therapies focused on improving and extending human lifespans, will pay the $21.6 million cash consideration in two installments. BioTime received the first $10.8 million installment at the deal's closing, with the second installment scheduled for Nov. 5.

BioTime, a clinical-stage biotechnology company focused on degenerative diseases, said Juvenescence paid the remaining $21.6 million in the form of a two-year convertible promissory note with a 7% annual interest rate payable at maturity, if not converted into Juvenescence common stock sooner.

AgeX Therapeutics is an Alameda, Calif.-based biotechnology company engaged in developing induced tissue regeneration technology to treat aging and age-related disease.