Belgian biotech TiGenix (G9U.BR) plans to merge operations with Spanish peer Cellerix and raise 15 million euros ($20.69 million) in a rights issue to expand further into regenerative medicine. TiGenix said in a statement on Friday it had agreed to combine operations though a share exchange with privately held Cellerix, which has a number of stem cell-based products for inflammatory and autoimmune conditions in clinical trials. TiGenix said it had commitments for 10 million euros of its 15 million euros rights issue from existing and new institutional investors at 1 euro per share, a 29 percent discount to Thursday's closing price.
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