08:34 AM EST, 01/02/2025 (MT Newswires) -- Carmell ( CTCX ) has signed a purchase agreement with PMGC Holdings ( ELAB ) and its Elevai Skincare subsidiary to acquire the assets related to Elevai's skincare and haircare business, the companies said Thursday.

The consideration for the acquisition includes about $1.1 million in Carmell ( CTCX ) common stock at closing, about $57,000 in cash upon the sale of specified inventory, and contingent earnout consideration, the companies said.

Additionally, the companies said Carmell ( CTCX ) will assume Elevai's contractual liabilities and trade payables at closing.

The assets Carmell ( CTCX ) expects to acquire include Elevai's product portfolio, commercial and product development team, finished and work-in-process inventory valued at around $1 million, and accounts receivable of about $30,000, the companies added.

Carmell ( CTCX ) shares surged 160% in premarket activity Thursday, while PMGC ( ELAB ) shares added over 5%.