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 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 will assume Elevai's contractual liabilities and trade payables at closing.

The assets Carmell 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 shares surged 160% in premarket activity Thursday, while PMGC shares added over 5%.