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Canada's FSD Pharma to Acquire Israeli Therapix Biosciences for $48 Million in Stock

Canada's FSD Pharma to Acquire Israeli Therapix Biosciences for $48 Million in Stock

Clinical-stage Therapix Biosciences develops cannabinoid-based drugs for the treatment of neurological conditions, pain management, and infectious diseases

Lilach Baumer | 10:45, 23.10.18
Toronto-headquartered FSD Pharma Inc., a licensed producer of marijuana, has announced on Monday its intention to acquire Therapix Biosciences Ltd., a clinical-stage Israeli developer of cannabinoid-based drugs. The two companies intend to execute a definitive agreement within 30 days.

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Shareholders of Nasdaq-listed Therapix will receive $48 million worth of FSD Pharma stock, according to the announcement, nearly 10% of the company's current stock.

Cannabis. Photo: Getty Images Cannabis. Photo: Getty Images Cannabis. Photo: Getty Images

Therapix Biosciences, founded in 2004, develops drugs for the treatment of neurological conditions, pain management, and infectious diseases. Its therapies are based on a cannabis compound called Dronabinol, a synthetic THC that has already been approved by the U.S. Food and Drug Administration for the treatment of conditions such as chemotherapy-induced side-effects. The company is currently conducting phase 2a studies of a drug for the treatment of Tourette syndrome at Yale University Medical Center.

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The transaction, which is subject to customary conditions, will focus on Therapix's intellectual property, and related technology and assets pertaining to all clinical stage applications.
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