Canadian cannabis company Canopy Growth Corporation has completed the acquisition of medical cannabis company Vert Medical.
The purchase consideration for the acquisition includes repayment of the target company’s $500,000 debt immediately and issuance of up to 294,900 common shares of the acquirer company upon achievement of milestones related to specific licensing and capacity expansion.
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The acquisition also gives Canopy Growth the lease and the right to acquire 90 acres of land in addition to a 7,000ft² indoor growing and office facility in Saint-Lucien, Quebec, Canada.
Novogen has completed the acquisition of Glioblast, which the former believes will support the development of GDC-0084, a small molecule inhibitor of the PI3K / AKT / mTOR pathway, in glioblastoma multiforme.
The acquisition involved an initial purchase consideration of A$2.1m ($1.6m) upfront, while the shareholders of the target company will be eligible to receive payments in cash or equity based on the achievement of two performance-related milestones.
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Both companies involved in the transaction are biotechnology organisations based in Australia. The acquirer company is focused on oncology, whereas the target company is focused on neuro-oncology.
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By GlobalDataSwedish pharmaceutical company Karo Pharma has entered an agreement to acquire Medivir’s subsidiary BioPhausia for a cash consideration of $100.67m on a debt-free basis.
The transaction is expected to be completed by mid-December.
With the aim of expanding its antibody and immuno-oncology portfolio, US-based biopharmaceutical company Celldex Therapeutics has entered an agreement to acquire Kolltan Pharmaceuticals, a clinical-stage biopharmaceutical company also based in the US.
The agreement for acquisition has been signed by two of Celldex’s subsidiaries, Connemara Merger Sub 1 Inc. and Connemara Merger Sub 2.
The acquisition is expected to be completed by the end of the year, subject to the receipt of approval from Kolltan shareholders and other customary closing conditions.
The purchase consideration includes the issue of Celldex’s common stock valued at $62.5m to the target company’s shareholders, and additional milestone-based payments of up to $172.5m.
