Ocugen Inc. has announced a significant update in its merger and acquisition activities involving its wholly-owned subsidiary, OrthoCellix, Inc. According to the company, OrthoCellix will merge with Azalea Merger Sub, Inc., resulting in OrthoCellix becoming a wholly-owned subsidiary of Carisma Therapeutics Inc. This arrangement is part of a broader agreement that also involves a planned Concurrent Investment, where Carisma and OrthoCellix will seek investments from designated investors, aiming for gross proceeds of at least $25 million. Ocugen has committed to purchasing shares of Carisma common stock as part of this investment. Carisma will also enter into a registration rights agreement to facilitate the resale of certain shares of common stock held by investors. The transaction is expected to be completed following the satisfaction of customary conditions.