Novartis Trying to Buy Israeli Stem Cell Research Developer

The Novartis dug company is in advanced talks to buy up Israeli-based stem cell treatments developer Gamida-Cell for $600 million, sources told the Globes business newspaper.

Slightly more than half of Gamida-Cell is owned by Clal Biotechnology and Elbit Medical Technologies, a subsidiary of Elbit Imaging.

Gamida-Cell has been considering offering an IPO on Wall Street, but the reported purchasing price offered by Novartis is far more than the revenues it would raise on its own.

Gamida Cell has proprietary technology for growing the number and density of stem cells within a specific blood sample and seeks to enhance umbilical cord blood donations for implants to cure blood cancer in adults.

Currently, umbilical cord blood can only be used for implant in people weighing less than 90 pounds, according to Globes.