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Benzinga
Benzinga
Technology
Vandana Singh

Sernova, Evotec Join Forces To Develop 'Functional Cure' For Diabetes

  • Sernova Corp and Evotec SE (NASDAQ:EVO) have announced an exclusive global strategic partnership to develop cell therapy treatment for insulin-dependent diabetes. 
  • The companies will leverage their respective technologies and scientific expertise to develop an implantable iPSC-based (induced pluripotent stem cells) beta cell replacement therapy.
  • The partnership provides Sernova a global exclusive option to license Evotec's iPSC-based beta cells to treat both type 1 and type 2 diabetes. 
  • Also Read: Why Are Evotec Shares Trading Lower On Friday?
  • In addition to entering into the collaboration agreement, Evotec has made a strategic equity investment of €15 million and will further invest €5 million. 
  • Concurrently, Evotec acquired 12.9 million shares at C$1.57 per share for gross proceeds to Sernova of C$20.3 million. 
  • In addition, Evotec will acquire a further 2.7 million shares at C$2.50 per share for gross proceeds of $6.8 million.
  • Evotec's Chief Scientific Officer, Cord Dohrmann, will join Sernova's Board of Directors.
  • Price Action: EVO shares are trading at $12.61 during the market session on the last check Tuesday.
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