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Amarantus to either list or sell unit developing Parkinson's disease treatment

Amarantus Bioscience Holdings Inc. is planning to either launch an IPO or sell its wholly owned unit Elto Pharma Inc.

The unit, which spun out from Amarantus in 2017, is developing Eltoprazine for treating dyskinesia — uncontrolled movement associated with treatment by Parkinson's disease drug Levodopa.

The New York-based biotechnology company said an independent third-party valued Eltoprazine at $316 million for treating levodopa-induced dyskinesia, or PD-LID, in the U.S. and Europe.

Amarantus is mulling two options to realize maximum value from Eltoprazine: apply to list Elto Pharma in the U.S. or Hong Kong, or merge with a clinical-stage biopharmaceutical company in which Amarantus becomes a significant shareholder.

Amarantus expects to reach a final decision in the summer.

Elto Pharma is also developing Eltoprazine for other indications such as aggression in Alzheimer's disease and adult attention deficit hyperactivity disorder.