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.
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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.
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By GlobalDataThe 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.
