Celularity Closes Merger With GX Acquisition (GXGX)

By Amit Chowdhry ● July 16, 2021
  • Celularity announced it closed a merger with GX Acquisition Corp (NASDAQ: GXGX) and provided a corporate update. These are the details.

Celularity — a clinical-stage cellular medicine company developing off-the-shelf allogeneic therapies derived from the postpartum human placenta — announced it closed a merger with GX Acquisition Corp. and provided a corporate update. And the proceeds from the transaction totaled about $138 million, which included funds held in GXGX’s trust account and a concurrent private placement investment in public equity (PIPE) financing led by existing Celularity shareholders. 

GXGX shareholders had approved the transaction on July 14, 2021. And the combined publicly traded company will operate under the name Celularity and its common stock will commence trading on the Nasdaq Capital Market on July 19, 2021, under the ticker symbol “CELU.” Celularity’s management team is going to continue leading the merged company following this transaction.

KEY QUOTES:

“Celularity aims to transform the way we approach the treatment of cancer and other diseases by harnessing the versatility, unique immune biology, and innate stemness of placental-derived cells. We are immensely proud of our clinical development results so far as well as the state-of-the-art manufacturing capabilities we built to support rapid scaling and a competitive cost structure for our placental-derived cell therapeutics.“

“We believe off-the-shelf, allogeneic cell therapies will drive a paradigm shift in how clinicians approach the treatment of cancer and other serious diseases. Our PIPE is led by existing Celularity investors, who understand the company’s pipeline and clinical development program and took advantage of the opportunity to add to their investment in Celularity.” Hariri also noted, “Celularity has entered into important strategic and commercial partnerships with leaders like Palantir and Arthrex which we believe will strengthen our intellectual property and grow revenues from our existing marketed products.”

— Robert J. Hariri, M.D., Ph.D., founder, Chairperson and Chief Executive Officer of Celularity

“We are tremendously excited in Celularity’s long-term growth prospects and its ability to develop innovative cell therapies derived from the post-partum human placenta. We value our strategic partnership and look forward to Celularity’s continued innovation and growth as a public company.”

— Dr. Henry Ji, Chairman and CEO of Sorrento Therapeutics

“We are excited to see Celularity (Nasdaq: CELU) take this very important next step in its evolution as a transformative biotechnology company by becoming a publicly-traded company, listed on The Nasdaq Capital Market under the symbol “CELU”. This step will enable Celularity to continue to leverage the company’s commercial and clinical-stage assets to treat diseases of high unmet need, like cancer, infectious diseases and degenerative diseases.”

— Dean C. Kehler, Co-Chairman and CEO of GX Acquisition Corp. and new board member of Celularity

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