M&As this week: Protext Mobility, Yichang Hec Changjiang Pharma
US-based biotechnology company Protext Mobility has reached an agreement with Plandai Biotechnology to acquire Cannabis Biosciences by acquiring 100% of the capital stock of the target company in exchange for 50 million shares of the acquirer company’s common stock.
All companies involved in the transaction are based in the US.
The target company develops non-psychoactive medicines from a live cannabis plant.
Protext Mobility expects the acquisition to enable it to extend its studies on cannabis.
TaiGen Biopharmaceuticals (Beijing) has agreed to sell 9% equity stake in its joint venture (JV) subsidiary Dongguan HEC TaiGen Biopharmaceuticals to the joint venture partner Yichang Hec Changjiang Pharmaceutical.
The vendor company will receive $20m as purchase consideration for the transaction.
The acquirer company’s stake in the target JV company will increase to 60% following the acquisition, while TaiGen Biopharmaceuticals will hold the remaining 40%.
All companies involved in the transaction are based in China.