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MediPharm Labs Enters into $6.2M Purchase Agreement for the Sale of Australian Facility
MediPharm Labs Enters into $6.2M Purchase Agreement for the Sale of Australian Facility ...
About this update from Medipharm Labs Corp.
[{"type":"text","content":"\n \n \n \n MediPharm Labs Enters into $6.2M Purchase Agreement for the Sale of Australian Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n BARRIE, ON\n \n ,\n \n July 11, 2022\n \n /CNW/ -\n \n MediPharm Labs Corp.\n \n (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (\"MediPharm Labs\" or the \"Company\") a pharmaceutical company specialized in precision-based cannabinoids, has entered into a Share Purchase Agreement (the \"Agreement\") with OneLife Botanicals PTY (\"OneLife Botanicals\") for the sale of MediPharm Labs Australia Pty Ltd (\"MPLA\"), a wholly-owned subsidiary of the Company, for a minimum value of\n \n $6.9M\n \n AUD (\n \n $6.2M\n \n CAD). The Agreement is subject to routine conditions and is anticipated to close within 90 days.\n \n \n \n \n \n \n \n \n \n The Agreement includes the assets of MPLA, specialized licensing, operational knowledge, and Australian and\n \n New Zealand\n \n customers currently served from that facility. All international contracts outside of\n \n Australia\n \n and\n \n New Zealand\n \n will remain with MediPharm Labs and be serviced from our Barrie GMP facility.\n \n \n In\n \n July 2021\n \n , MediPharm Labs was the first purpose-built cannabis facility to receive a pharmaceutical Drug Establishment License. Awarded by Health Canada, this license is recognized in over 50 countries as part of the Pharmaceutical Inspection Co-operation Scheme (PIC/S). At this time, the Company has completed a review of its international manufacturing platform and identified significant potential savings in moving all domestic and international manufacturing to the Canadian facility.\n \n \n After an extensive sale process, the Agreement with OneLife Botanicals was identified as a strategic fit for both parties. OneLife Botanicals is an emerging leader in\n \n Australia\n \n region for cannabis-based wellness and medical products, with plans to launch OTC CBD products across\n \n Australia\n \n . Purchasing the MPLA facility expedites OneLife Botanicals' timing to commercialization. The Comp...