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BioTime-Asterias Merger Draws Suit Against Drugmakers, Broadwood

Oct. 22, 2019, 7:55 PM

Lineage Cell Therapeutics Inc., Broadwood Capital Inc., and former directors of Asterias Biotherapeutics Inc. were hit with a Delaware lawsuit claiming they forced a self-dealing merger between the two drug companies.

Lineage, formerly known as BioTime Inc., owned a majority of Asterias until a 2016 initial public offering reduced its stake to 40%, according to the proposed class action. But it continued to run Asterias as a virtual subsidiary thereafter, the suit says. The partly redacted Chancery Court complaint was made public Oct. 22 after originally being filed under seal Oct. 15 by an investor who owned 10,000 Asterias shares....

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