Stratus Media seals LoI to acquire Histogen.
M2 EQUITYBITES-October 8, 2013-Stratus Media seals LoI to acquire Histogen(C)2013 M2 COMMUNICATIONS http://www.m2.com
8 October 2013 - US Stratus Media Group Inc (OTCBB:SMDI) said it had inked a letter of intent (LoI) to buy regenerative medicine company Histogen Inc for an undisclosed sum.
The takeover of Histogen will aid Stratus Media's expansion into the biotechnology industry, especially into the aesthetics and therapeutics fields, the company said in a press release. The buyer will use Histogen's technology and skincare experience to create innovative therapies for conditions such as hair loss and cancer, it added.
Under the terms of the non-binding LoI, the acquisition will result into the creation of Restorgenex Corporation with headquarters in San Diego and Histogen as its wholly-owned subsidiary. In addition, Histogen's founder Gail Naughton, PhD, will be appointed as the new company's CEO.
The boards of directors of the two companies have given the green light to the proposed terms in the letter and the parties are currently working on a formal merger agreement.
The deal will be completed upon meeting customary closing conditions such as clearance by Histogen's shareholders.
Stratus Media specialises in the production and marketing of entertainment events and has two subsidiaries - ProElite, a mixed martial arts events developer, and Stratus White, a lifestyle and travelling events promoter.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 8, 2013|
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