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Northwest Biotherapeutics, Inc. (OTCQB:NWBO) announced the completion of its acquisition of Advent BioServices Ltd., making Advent a wholly owned subsidiary of the company. The transaction was disclosed in a statement released Thursday based on a filing with the U.S. Securities and Exchange Commission.
With this acquisition, Northwest Biotherapeutics will receive all of Advent’s fixed assets, including cryostorage and other equipment, as well as intellectual property and other intangible assets previously held by Advent.
The company stated that it is not issuing any new shares or other securities as part of the acquisition. Instead, 19 million Northwest Biotherapeutics securities—comprising 13.5 million shares and 5.5 million options—that were previously issued to Advent as payment for contract services are reverting back to Northwest Biotherapeutics along with the other Advent assets.
The consideration for the acquisition will be paid in installments over a two-year period. The payment schedule may be accelerated following regulatory approval of Northwest Biotherapeutics’ DCVax-L product. The total consideration includes a payment of £1.4 million and the net amount of accounts payable already due from Northwest Biotherapeutics to Advent for services under existing contracts. The agreement was updated so that installment payments will begin 90 days after the October closing, rather than 90 days after the August agreement, and the accounts payable amount is being determined as of the closing date.
Northwest Biotherapeutics is incorporated in Delaware and is based in Bethesda, Maryland. The company’s common stock trades on the OTCQB market under the symbol NWBO.
This information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Northwest Biotherapeutics has filed a new Form S-3 shelf registration statement to replace its expiring registration. The previous registration, which became effective in October 2022, was set to expire in October 2025. This move ensures that Northwest Biotherapeutics maintains an ongoing effective shelf registration. Additionally, the company has reached a settlement agreement regarding litigation over option awards granted in 2020. The settlement, reached after approximately a year of negotiations, resulted in the cancellation of 17% of the disputed option grants. Furthermore, Northwest Biotherapeutics will receive $2.25 million from its insurance carriers as part of the settlement. These developments highlight the company’s recent strategic and legal maneuvers.
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