Onex said it decided to acquire Kodak?s Health Group because the business has a ?great track record in delivering innovative solutions for customers around the world.?
?Kodak?s Health Group has an exceptionally strong management team and we share this team?s vision for the future. We recognize that growth is critical and that digital technology is the future, and we believe strongly that customers and employees must continue to be a top priority,? said Robert Le Blanc, an Onex managing director.
Goldman, Sachs & Co. acted as financial advisor to Kodak, and Sullivan & Cromwell provided legal counsel.
In other dealmaking news:
International Stem Cell (ISC; Oceanside, California), an early-stage stem cell therapeutics company, said that it completed a share exchange with BTHC III. As a result of the share exchange, ISC?s shareholders were issued 33,111,502 shares of BTHC?s common stock in exchange for their shares of ISC. As a result, ISC became a wholly-owned subsidiary of BTHC.
Immediately preceding the transaction, ISC closed a private placement of its capital stock whereby it received about $11.2 million in gross proceeds.
The combined company will be headquartered in Oceanside and will operate under the name International Stem Cell Corporation, adopting both ISC?s business strategy and that of its subsidiary, Lifeline Cell Technology (Walkersville, Maryland). The combined company will be headed by ISC?s current management team.
In connection with the transaction, Kenneth Aldrich, chairman and co-founder of ISC, was appointed to the board of BTHC and will serve as chairman. Jeff Krstich, CEO of ISC, and William Adams, co-founder and CFO of ISC, were appointed CEO and CFO of BTHC, respectively. Jeffrey Janus, president of ISC and co-founder of Lifeline, was appointed president of the registrant and will remain CEO of Lifeline.
ISC is focused on developing therapeutic and research products.
SOURCE-Diagnostics & Imaging Week