Cartyhill Company owned by Elron
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At 27% last week it received FDA approval for an Agili-C implant, which allows for regrowth of natural cartilage. In accordance with the agreement signed with Juventus, the company will be sold for pre-agreed amounts, and in accordance with meeting additional targets.
Juventus announced today to Carthill that it intends to exercise its call options and complete the acquisition of 100% of the company’s share capital. Carthill’s shareholders are expected to receive a total consideration of up to $ 500 million. $ 350 million will be paid immediately, and $ 150 million will be paid according to meeting additional targets. Elron’s expected share in the sale is expected to total $ 91 million in the first phase. An additional $ 37 million will be paid when product sales and other revenue from commercialization of other Carthill technologies will generate revenue of at least $ 100 million over a period of 12 consecutive months.
Elron shares are up 9% following the news and are currently trading at a market value of about $ 626 million. The company is invested in over 20 portfolio companies, most in the field of enterprise software and cyber and some in the field of medical devices.
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