In an exciting move for the technology sector, Ashington Innovation has announced its preliminary agreement to acquire Calon Cardio-Technology for £39 million ($49.6 million) in shares. This acquisition is conditional upon the successful completion of Ashington’s reverse takeover of Cell Therapy.
Enhancing Cardiac Solutions for Severe Heart Failure Patients
Calon Cardio-Technology, a renowned medical device company based in the UK, has devoted its efforts to developing an innovative implantable heart pump specifically designed for patients with severe heart failure. Through this acquisition, Ashington aims to bolster its position in the medical technology space and provide state-of-the-art solutions for cardiac patients.
Reverse Takeover of Cell Therapy
Ashington made headlines last Thursday with its agreement to acquire Cell Therapy, a clinical-stage biotechnology company, for a staggering £135 million. This deal, an all-share transaction, is regarded as a reverse takeover under the rules of the London Stock Exchange. If successfully completed, Ashington plans to secure additional funding of up to £3 million to support its drug-development program and ensure sufficient working capital.
Strong Leadership and Expertise in Place
With the completion of these acquisitions, Ashington will witness a significant expansion of its group. Executive Chairman Darrin Disley, a seasoned private/public company CEO and director, will lead the enlarged organization. Further strengthening the team, Martin Evans will assume the role of group chief scientist, while Steve Westaby will serve as chief medical officer.
Future Prospects and Trading Update
At present, trading in Ashington’s shares is temporarily suspended as the company progresses with these strategic acquisitions. This halt will allow for a smoother transition and successful integration of Calon Cardio-Technology and Cell Therapy into the Ashington group.