Business
Tetra Bio-Pharma Closes the Acquisition of Panag Pharma
Tetra Bio-Pharma Closes the Acquisition of Panag Pharma.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\nOTTAWA, May 01, 2019 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\"), a leader in cannabinoid-based drug discovery and development (TSX VENTURE: TBP) (OTCQB: TBPMF), is pleased to announce that it completed today the previously-announced acquisition (the \"Acquisition\") of Panag Pharma Inc. (\"Panag\") pursuant to a share purchase agreement (the \"Agreement\") dated January 30, 2019 between the Company and the shareholders of Panag (the \"Vendors\").\n Pursuant to the Agreement, Tetra acquired 100% of the issued and outstanding common shares of Panag held by the Vendors in consideration for, in aggregate, (i) $3,000,000 in cash and (ii) the issuance of 16,304,348 class A common shares of Tetra (\"Common Shares\") at a price of $0.552 per Common Share. The Agreement also contemplates the payment by Tetra to the Vendors of an aggregate amount of up to $15,000,000 in cash in milestone payments upon the achievement of operational targets associated with marketing approvals and commercialization of both human and veterinary drug products by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), all as more fully described in the management proxy and information circular of the Company dated March 20, 2019. All Common Shares issued as part of the Acquisition were issued pursuant to exemptions from the prospectus requirements of applicable securities laws. Dr. Guy Chamberland, CEO and CSO of Tetra stated, \"We are very excited by the closing of the acquisition of Panag Pharma.  As of today, Tetra is no longer a small biotechnology company focused on cannabinoid-based drugs delivered by inhalation.  We are now a small biopharmaceutical company with a strong pipeline of drugs for the ophthalmic and chronic inflammation markets with a unique portfolio of products ready for commercialization.  From Day 1 I believed in the people that made Panag a success story.  Today I am extremely proud to count them as part of the Tetra family.  As a result of this acquisition, we have added highly qualified experts in cannabinoid science and medicine as well as a wealth of drug discovery and early phase drug development expertise and experience.  I am confident the Tetra-Panag family will help take the Corporation to the next level of success.\" Neith...