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WigWagWillyon Jan 09, 2018 6:49am
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TSXV-listed Tetra Bio-Pharma Jumps 10%
TSXV-listed Tetra Bio-Pharma Jumps 10% TSXV-listed Tetra Bio-Pharma Jumps 10%, Hits Fresh Year Highs as Moves to Buy Remaining 20% Interest in Phytopain Pharma Subsidiary
09:38 AM EST, 01/02/2018 (MT Newswires) -- Bio-Pharma Inc. (TBP.V), a leader in cannabinoid-based drug development, has jumped 11% and hit fresh year highs early Tuesday on news it has entered into a share purchase agreement with entities controlled by Andre Rancourt, Chairman of the Board of Directors of the Corporation, and Guy Chamberland, Chief Scientific Officer of the Corporation.
Under the terms of the purchase agreement, Tetra will acquire from the Vendors all of the remaining issued and outstanding common shares of Tetra's subsidiary, Phytopain Pharma Inc., currently held by the Vendors (representing 20% of the issued and outstanding shares of PPP) for an aggregate purchase price of near $12.425 million. Upon completion of the Transaction, PPP will become a wholly-owned subsidiary of Tetra.
"Upon completion, this transaction will be a significant milestone for Tetra Bio-Pharma and all our stakeholders," said Bernard Fortier, Tetra's CEO.