Moonshot incubator client Axolotl Biologix has finalised a merger with Carmell Therapeutics to bolster the regenerative medicine sector.
The merger will combine the expertise of Axolotl Biologix in regenerative therapies with Carmell’s capabilities in utilising the innate healing properties of the body.
Axolotl Biologix focuses on progressing regenerative medicines to design and develop human amnion-based allograft products for soft tissue repair, as well as aesthetic and orthopaedic applications.
As per the deal terms, shareholders of Axolotl will receive an initial equity price of $65m, comprising $8m in cash and $57m in Carmell stock on the closing of the transaction.
Axolotl shareholders are also entitled to receive milestone equity payments of up to $75m in the future.
The milestone payments are contingent on meeting specified revenue and business targets and will comprise 12% in cash and 88% in Carmell stock.
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With the deal closing, Axolotl will now function as a completely owned Carmell subsidiary.
Moonshot president and CEO Scott Hathcock said: “The merger between Carmell Therapeutics and Axolotl Biologix exemplifies the type of innovation and growth that Moonshot is designed to cultivate.
“This merger with an industry giant like Carmell Therapeutics is a significant development for the future of regenerative medicine.”
The combined business will also possess the scientific proficiency of Carmell and Axolotl’s practical developments.
A regenerative medicine platform company, Carmell develops allogeneic plasma-based biomaterials to enhance innate regenerative pathways for various bone and soft tissue indications.