Brooklyn ImmunoTherapeutics, Inc. (NYSEAM:BTX) (BTX) signed a non-binding letter of intent to acquire Novellus Therapeutics Limited for approximately $130 million on June 13, 2021. The consideration will be paid by a combination of $17.4 million in cash and $107.6 million in BTX common stock. The cash component of the transaction will be funded from $43 million of cash in BTX' balance sheet. The completion of the transaction is subject to several conditions, including, completion of mutually satisfactory due diligence, execution of the definitive agreement, and receipt of all required corporate and third-party approvals, regulatory and board approvals, along with other customary conditions. The transaction is expected to complete on or before July 15, 2021. Brooklyn ImmunoTherapeutics, Inc. entered into an acquisition agreement to acquire Novellus Therapeutics Limited on July 16, 2021. Brooklyn ImmunoTherapeutics, Inc. (NYSEAM:BTX) completed the acquisition of Novellus Therapeutics Limited for approximately $100 million on July 16, 2021. Brooklyn delivered consideration which consisted of $22.853 million cash net of $0.28 million cash and 7.02 million shares of common stock, consisting of 3.64 million of unrestricted shares and 3.38 million restricted shares valued at $6.53 per share. A total of 740,766 of the restricted and unrestricted shares issued as consideration have been placed in escrow for a period of up to 12 months in order to secure indemnification obligations to Brooklyn under the Acquisition Agreement. Andy McConnell of Philip Lee Solicitors acted as the legal advisor to Novellus Therapeutics. Back Bay Life Science Advisors acted as financial advisor to Novellus.