aibioSerina Therapeutics sells UniverXome to Juvenescence, which takes on $11.2 million of debt
Tickers SER
The unit held the legacy AgeX assets. Juvenescence, Serina's largest holder, paid a nominal cash amount on top of assuming the secured debt.
Key facts
- Company
- Serina Therapeutics, Inc. (AMEX: SER)
- News type
- Mergers
- Primary source
- Serina Therapeutics, Inc. 8-K (2024-12-26)
Serina Therapeutics, Inc. sold its wholly owned subsidiary UniverXome Bioengineering, Inc. to JuvVentures (UK) Limited, known as Juvenescence, on December 23, 2024. The deal closed when the stock purchase agreement was signed.
As payment, Juvenescence assumed about $11.2 million of secured debt that UniverXome owed to it, plus a nominal cash payment. The debt was secured by substantially all of UniverXome's assets.
UniverXome was formed by AgeX Therapeutics in August 2023. Before AgeX merged with Serina, it moved substantially all of its assets into UniverXome. In return, UniverXome took on AgeX debt held by Juvenescence that had not been converted into preferred stock, and other AgeX liabilities. AgeX changed its name to Serina Therapeutics, Inc. on March 26, 2024.
The assets include 94.8% of ReCyte Therapeutics, Inc., which works on stem cell-derived cells for vascular disorders, and 100% of Reverse Bioengineering, Inc., which works on partial cellular reprogramming.
Juvenescence is the largest holder of Serina's common stock and has two designees on its board, Greg Bailey and Richard Marshall. Because of that link, the board set up a special committee of independent and disinterested directors on March 27, 2024 to evaluate the deal. The committee was made up of Balkrishan "Simba" Gill, Steven Ledger and J. Milton Harris. It obtained an independent third party valuation of UniverXome's assets and approved the agreement on December 23, 2024.