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Eternity closes acquisition of stem cell therapy company in China

Eternity Healthcare Inc. completed the acquisition of stem cell therapy company Guizhou Tongren Healthy China Biotechnology Co. Ltd.

The medical device maker said the acquisition will help launch its stem cell harvesting, storage, transformation and treatment service in the city of Tongren, located in China's Guizhou province.

Eternity said Tongren Healthy is constructing a stem cell facility which is expected to be operational by May. To fund the construction and initial working capital of the facility, Eternity entered a $25 million credit loan agreement with a regional lender.

In November 2017, Eternity had announced plans to build a $20 million stem cell facility in Tongren.