Northwest Biotherapeutics Closes Acquisition of Advent BioServices

Northwest Biotherapeutics has completed its acquisition of Advent BioServices, making Advent a wholly owned subsidiary, announced in a press release. The company stated that the acquisition will enable operational efficiencies, scale-up of manufacturing, and integration of technologies and intellectual property from both organizations.

As part of the transaction, Northwest Biotherapeutics will acquire all of Advent's fixed assets, including cryostorage and equipment, as well as intellectual property and other intangibles. The company will not issue new shares for the acquisition; instead, 19 million previously issued securities will revert to Northwest Biotherapeutics.

The payment terms include £1.4 million and the net accounts payable due to Advent, to be paid in installments over two years. Installment payments will begin 90 days after the October closing, with potential acceleration following regulatory approval of the DCVax-L product. The integration will also consolidate operations at the Sawston, UK facility and support capacity expansion in the United States.