India, April 23 -- Diagnostic medical products and related medical devices provider Shineco, Inc. (SISI) Wednesday announced that its subsidiary Shineco Life Sciences Group Hong Kong Ltd. agreed to acquire Singapore stem cell company InfiniClone Ltd., owned by founder Lim Kah Meng, and incorporated in Hong Kong.
Currently, Shineco shares are at $0.66, down 15.40 percent on Nasdaq.
As per the agreement, Shineco Life will acquire 51 percent of the equity interest for $19,895,600 in cash and issue of 3,450,000 common stock.
InfiniClone has 29 global patents, including five invention patents, that cover major markets such as the US, Europe, and Asia, with treatment options Parkinson's, Alzheimer's, stroke, and other major diseases.
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