Cytori Therapeutics Inc. is acquiring certain assets from privately held Azaya Therapeutics to boost its position in regenerative medicine.
The company will have access to Azaya's proprietary nanoparticle development platform after issuing $2 million worth of its stock and extinguishing $2 million of the company's trade payables.
The acquisition expands Cytori's product portfolio with two cancer drugs: ATI-0918 and ATI-1123.
Azaya is eligible for up to an additional $16.3 million in commercial milestone-related payments and up to $100 million in royalties on product sales.
Cytori may also pay Azaya up to $50 million if it licenses the drug candidates to a third party as a result of the agreement, which is expected to close by Feb. 28.
Cytori also plans to lease Azaya's protein-stabilized nanoparticle manufacturing and development facility for five years as it advances the drug candidates.