Northwest Biotherapeutics Finalizes Acquisition of Advent BioServices
BETHESDA, Md. — Northwest Biotherapeutics, Inc. (OTCQB: NWBO), a pioneering biotechnology company, proudly announces the successful completion of its acquisition of Advent BioServices Ltd., marking a significant milestone in its expansion and operational capabilities. This acquisition now makes Advent a wholly owned subsidiary of Northwest Biotherapeutics.
Benefits of the Acquisition
The integration of Advent into the Northwest Biotherapeutics structure is expected to bring several operational efficiencies and scalability. The management believes that merging these two entities will result in a robust platform that fuses together the expertise, technologies, and intellectual properties from Northwest Biotherapeutics, Advent, and Flaskworks.
Streamlining Operations
This strategic move is aimed at optimizing supply chain and facilities management, which are crucial components in the production of innovative cancer treatments. The company plans to discontinue operations at its GMP facility in London, reallocating resources to the Sawston, UK facility and boosting manufacturing capacity in the U.S.
Accelerating Manufacturing Capabilities
Furthermore, the acquisition allows for the acceleration of manufacturing capacity for DCVax products, enabling effective collaboration with clinical sites for distribution, thus enhancing the overall operational interactions.
Integration and Assets
As part of the acquisition, Northwest Biotherapeutics secures all fixed assets owned by Advent, including vital cryostorage and equipment that were acquired by Advent in recent years. Moreover, the intellectual property rights and other intangible assets attained by Advent are also included in this deal, significantly strengthening Northwest Biotherapeutics' portfolio.
Financial Considerations and Terms
Notably, no shares or securities will be issued as part of this acquisition. Instead, 19 million NWBO securities that were previously issued to Advent for contract services will revert back to Northwest Biotherapeutics, solidifying its asset base. The terms outline that the payment for the acquisition will be disbursed in installments over a span of two years, with potential acceleration post regulatory approval of the Company's DCVax®-L product.
Commitment to Innovation
The overall consideration for this acquisition includes a payment of £1.4 million alongside the net amount of accounts payable due from Northwest Biotherapeutics to Advent for services offered under existing contracts. The updated agreement stipulates that installment payments will begin 90 days following the closing date of this acquisition, rather than earlier stipulated dates.
Linda Powers, the CEO of Northwest Biotherapeutics, expressed her excitement regarding this development, stating, "We are thrilled to complete the necessary conditions for closing the acquisition and position ourselves for many exciting opportunities ahead. We anticipate that this integration will facilitate the development of next-generation technologies through our combined expertise and extensive intellectual property portfolio, representing meaningful progress in solidifying our position in the biotechnology space."
About Northwest Biotherapeutics
Northwest Biotherapeutics is dedicated to revolutionizing cancer treatment through innovative personalized immunotherapy products. The goal is to deliver effective cancer treatments without the adverse effects typically associated with traditional chemotherapy. At the heart of their innovations is the DCVax® dendritic cell-based vaccine technology, focusing on products like DCVax®-L for glioblastoma (GBM), which is a particularly aggressive form of brain cancer. With successful completion of a Phase III trial and ongoing regulatory processes, NWBO continues to aim for significant advancements in cancer treatment.
Frequently Asked Questions
What is the significance of the acquisition of Advent BioServices?
The acquisition allows Northwest Biotherapeutics to enhance operational efficiencies, scale up manufacturing, and strengthen its technological capabilities in cancer treatment development.
How will the acquisition affect NWBO’s operations?
This integration is expected to streamline supply chain management and improve interactions with clinical sites for product distribution, ultimately promoting better service delivery.
What assets are included in the acquisition?
Northwest Biotherapeutics acquires all fixed assets of Advent, including cryostorage equipment and vital intellectual properties that bolster NWBO's capabilities.
Are any shares being issued for this acquisition?
No new shares or securities will be issued; existing shares and securities from Advent are reverting to Northwest Biotherapeutics instead.
What are the financial terms set for the acquisition?
The consideration for the acquisition is structured in installments over two years, with an initial payment of £1.4 million and terms adjusted based on the closure date.
