Two of Canada’s largest cord blood banks, Insception Biosciences and Lifebank Corp., announced on Friday that they have entered into a support agreement, in which Insception has agreed to offer to acquire all of the issued and outstanding common shares in the capital of Lifebank.
The acquisition of Lifebank by Insception will provide the combined organization with a national presence, as well as leveraging Insception’s laboratory and storage facilities.
“Insception believes that this transaction will be positive, not only for shareholders, but for Canadian families who seek the security of cord blood banking,” said Richard Lockie, Insception’s President and Chief Executive Officer. “The innovation, leadership and commitment brought together by the combination of our two companies will provide Canadian families with the reassurance that their children’s cord blood will be protected and available long-term.”
Ernest Stacey, founder, President and Chief Executive Officer of Lifebank, stated “This is a very exciting development for the Lifebank team, our shareholders and, most importantly, our customers who have trusted Lifebank with their cord blood for the past 16 years. Together, we will accelerate the growth of the Canadian cord blood sector and continue to be the quality and service leaders that all of our customers rely on and expect. I look forward to working with Richard and his team.”
Cord blood banking business models and therapeutic applications will be discussed at the upcoming, World Cord Blood Congress, taking place in Cambridge, MA this September. Download the brochure for more information.