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Teva Pharm sells shares in Gamida Cell, raises stake in Clal Biotech
March 5, 2017 / 8:28 AM / 6 months ago

Teva Pharm sells shares in Gamida Cell, raises stake in Clal Biotech

JERUSALEM, March 5 (Reuters) -

* Teva Pharmaceutical Industries has agreed to sell a small stake in Israel-based Gamida Cell and in return will increase its holdings in Clal Biotechnology, the companies said on Sunday.

* According to the deal, Teva will sell a 5.02 percent stake in Gamida Cell and will then be issued new shares in Clal Biotechnology, increasing its stake to 17.5 percent from 14 percent. That could rise to 21 percent under certain circumstances, such as if a public offering in Gamida Cell is held or if Clal sells the acquired shares in Gamida Cell at a higher price.

* Clal Biotechnology said the agreement increases its own stake in Gamida Cell to 24 percent and values Gamida Cell at $120 million.

* Gamida Cell, which is developing cellular and immune therapies for the treatment of cancer and orphan genetic diseases, has begun a late-stage Phase III trial in patients with leukemia and cancer lymph nodes. (Reporting by Ari Rabinovitch)

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