Brooklyn ImmunoTherapeutics Acquires Novellus Therapeutics

$Brooklyn ImmunoTherapeutics Inc(BTX.US)$ 
Brooklyn ImmunoTherapeutics said on Monday that it has signed a letter of intent to acquire Novellus Therapeutics, a company developing mesenchymal stem cell therapy. The two companies said they intend to sign an agreement and work to complete the acquisition by July 15. The letter of intent valued Novellus at $125 million, and Brooklyn proposed payment through a combination of $17.4 million in cash and $1076 million in common stock. Brooklyn said it has more than $43 million in cash on its balance sheet to fund the cash portion of the deal.