On December 2, 2010, it was announced that SmartCells, Inc. entered into a definitive agreement under which Merck will acquire SmartCells.
Under the terms of the agreement, Merck will acquire all outstanding stock of SmartCells, Inc. In return SmartCells shareholders will receive an upfront cash payment and be eligible to receive clinical development and regulatory milestones for products resulting from the transaction for potential aggregate payments in excess of $500 million. Sales-based payments for products resulting from the transaction will also be payable. SmartCells’ board of directors has unanimously approved the transaction.
SmartCells, Inc. is focused on developing glucose-regulated SmartInsulin products for the treatment of diabetes. The company’s core technology was originally developed at The Massachusetts Institute of Technology by its president, co-founder and chief executive officer Dr. Todd Zion. SmartCells has since developed the platform into several clinical candidates with the support of grant awards from the National Institutes of Health and a number of angel investors, including Cornerstone Angels.
