Latest News
FSD Pharma to Acquire Prismic Pharmaceuticals for USD 17.5m
Wednesday 24 April 2019

24 April 2019 - Canada-based cannabis company FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) has entered into a securities exchange agreement to acquire all outstanding securities of US speciality R and D pharmaceutical firm Prismic Pharmaceuticals Inc., the company said.

Pursuant to the terms of the agreement, FSD Pharma will acquire all outstanding shares of Prismic for an aggregate purchase price of USD 17.5m (CDN 23.4m) to be satisfied by the issuance of an aggregate of 102.7m class B subordinate voting shares in the capital of FSD Pharma.

In addition, FSD Pharma has agreed to assume up to USD 4.0m of outstanding Prismic liabilities on terms to be mutually agreed by the two companies, some of which may, potentially, be settled by the issuance of additional FSD Shares.

FSD Pharma said this transaction symbolises its vision of acquiring a platform company to advance research and development of FDA-approved applications of synthetic cannabinoids and other synergistic molecules.

FSD Pharma is focussed on the development of indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome.

Prismic Pharmaceuticals is developing novel non-addictive prescription drugs with unique safety profiles with the goal of addressing the opioid crisis based on formulations utilising micro-palmitoylethanolamide's (PEA) entourage effect on certain drugs impacting the endocannabinoid system.
Details
Date Published: 24/04/2019
Target: Prismic Pharmaceuticals Inc
Country: USA
Deal Size: 17.5m (USD)
Sector: Pharmaceuticals
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor:
Buyer: FSD Pharma Inc
Comment:


Options