NantCell Ups Altor BioScience Acquisition Offer

Culver City-based NantCell, one of the companies that is part of Dr. Patrick Soon-Shiong's NantWorks group of companies, is acquiring Altor Bioscience. The deal is worth approximately $290M. According to NantCell, it will pay $2.00 in cash or NantCell common stock for each share of Altor BioScience stock, with an additional $4.00 in "contingent value rights" based on regulatory and sales milestones. NantCell said the price is a "significant premium" to recent equity financings. The new agreement adds the earnout portion of the bid. Soon-Shiong and NantCell recently was sued by investors over the "lowball" initial pricing on the deal.