MediPharm Labs Provides Update on Previously Announced Sale of Napanee Facility to Kensana Health
MediPharm Labs (TSX: LABS, OTCQX: MEDIF) has provided an update on the previously announced sale of its Napanee Facility in Ontario. The company has agreed with Kensana Health to extend the closing date of the transaction to January 31, 2025. The deal involves selling MediPharm's indirect equity interests in its wholly-owned subsidiary ABcann Medicinals to Kensana Health for $5.5 million in cash. The transaction remains subject to customary closing conditions and necessary approvals. Operations at the Napanee Facility continue without disruption during this period.
MediPharm Labs (TSX: LABS, OTCQX: MEDIF) ha fornito un aggiornamento sulla vendita precedentemente annunciata del suo Stabilimento di Napanee in Ontario. L'azienda ha concordato con Kensana Health di estendere la data di chiusura della transazione al 31 gennaio 2025. L'accordo prevede la vendita delle partecipazioni azionarie indirette di MediPharm nella sua controllata ABcann Medicinals a Kensana Health per 5,5 milioni di dollari in contante. La transazione rimane soggetta a condizioni di chiusura consuete e alle necessarie approvazioni. Le operazioni nello Stabilimento di Napanee continuano senza interruzioni durante questo periodo.
MediPharm Labs (TSX: LABS, OTCQX: MEDIF) ha dado una actualización sobre la venta previamente anunciada de su Instalación de Napanee en Ontario. La empresa ha acordado con Kensana Health extender la fecha de cierre de la transacción al 31 de enero de 2025. El acuerdo implica la venta de los intereses de capital indirectos de MediPharm en su subsidiaria de propiedad total ABcann Medicinals a Kensana Health por 5,5 millones de dólares en efectivo. La transacción sigue sujeta a condiciones de cierre habituales y las aprobaciones necesarias. Las operaciones en la Instalación de Napanee continúan sin interrupciones durante este periodo.
MediPharm Labs (TSX: LABS, OTCQX: MEDIF)는 온타리오에 있는 나파니 시설의 이전에 발표된 판매에 대한 업데이트를 제공했습니다. 회사는 Kensana Health와 거래 종료 날짜를 2025년 1월 31일로 연장하기로 합의했습니다. 이 거래는 MediPharm의 전액 출자 자회사인 ABcann Medicinals의 간접 지분을 550만 달러에 Kensana Health에 판매하는 것입니다. 거래는 일반적인 종료 조건 및 필요한 승인을 조건으로 합니다. 나파니 시설의 운영은 이 기간 동안 중단 없이 계속됩니다.
MediPharm Labs (TSX: LABS, OTCQX: MEDIF) a fourni une mise à jour sur la vente précédemment annoncée de son installation de Napanee en Ontario. L'entreprise a convenu avec Kensana Health de prolonger la date de clôture de la transaction jusqu'au 31 janvier 2025. L'accord implique la vente des participations indirectes de MediPharm dans sa filiale entièrement détenue ABcann Medicinals à Kensana Health pour 5,5 millions de dollars en espèces. La transaction reste soumise aux conditions de clôture habituelles et aux approbations nécessaires. Les opérations à l'installation de Napanee se poursuivent sans interruption durant cette période.
MediPharm Labs (TSX: LABS, OTCQX: MEDIF) hat ein Update zum zuvor angekündigten Verkauf seiner Napanee-Anlage in Ontario gegeben. Das Unternehmen hat sich mit Kensana Health darauf geeinigt, das Abschlussdatum der Transaktion auf den 31. Januar 2025 zu verlängern. Der Deal umfasst den Verkauf von MediPharms indirekten Beteiligungen an seiner vollständig im Besitz befindlichen Tochtergesellschaft ABcann Medicinals an Kensana Health für 5,5 Millionen Dollar in bar. Die Transaktion unterliegt weiterhin den üblichen Abschlussbedingungen und den erforderlichen Genehmigungen. Die Betriebe in der Napanee-Anlage laufen in dieser Zeit ohne Unterbrechung weiter.
- Sale of Napanee Facility will generate $5.5 million in cash proceeds
- Transaction closing delayed, requiring extension to January 31, 2025
- Deal remains subject to closing conditions and approvals, indicating uncertainty
MediPharm Labs and Kensana Health continue to advance towards closing of the Transaction and have agreed to extend the outside date for closing as provided in the Purchase Agreement to January 31, 2025. Completion of the Transaction remains subject to customary closing conditions and receipt of all necessary approvals, as applicable. Operations continue at the Napanee Facility without disruption. For further details regarding the Transaction, please see the Company's press release dated December 17, 2024.
About Kensana Health
Kensana Health is a Canadian private company with global operations. Kensana Health is a unique hybrid biotechnology company with an experienced team within the pharmaceutical industry, including world renowned experts in plant-based medicines, as well as chronic wounds. Following the principles of Environmental, Social, and Governance (ESG), Kensana Health was built on a vertically integrated model, allowing for the control of all aspects of the supply chain. Kensana Health is able to simultaneously generate revenue with their proprietary and patent-protected phytopharmaceutical formulations while Kensana Health moves forward towards achieving multiple full drug registrations globally. Kensana Health carries out its operations in compliance with all applicable laws in the countries in which it operates.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a GMP-certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: the Transaction; the Company and Kensana Health's ability to close the Transaction prior to the outside date as provided in the Purchase Agreement; ABcann's ability to continue operations without disruption at the Napanee Facility; and the long term outlook of the business and future success of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs or Kensana Health to obtain adequate financing; the delay or failure in receiving regulatory approvals; and other factors discussed in MediPharm Labs' continuous disclosure filings, available on the SEDAR+ website at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
Website: www.medipharmlabs.com
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SOURCE MediPharm Labs Corp.
FAQ
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