Why Aastrom Biosciences (ASTM) Stock Is Soaring Today
Aastrom Biosciences (ASTM) soared Monday after the company announced its acquisition of Sanofi's Cell Therapy and Regenerative Medicine, or CTRM, business for $6.5 million. Aastrom will pay $4 million in cash and $2.5 million in a promissory note for the business. The company expects the acquisition to close in approximately three weeks. The acquisition gives Aastrom global commercial rights to three marketed autologous cell therapy products called Carticel, Epicel and MACI. Revenues of those three products totaled $44 million in 2013. Aastrom will also acquire manufacturing and production centers in the U.S. and Denmark. The stock was up 32.1% to $46.5 at 11:15 a.m., by which point it had eclipsed its average volume of 380,200 with more than 1.6 million shares traded for the day. Aastrom hit a high of $4.95 for the day as of that time.
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