PharmaCielo Ltd. the Canadian parent of Colombia’s cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., today announced that it has entered into a scheme implementation agreement to acquire Creso Pharma Ltd for an aggregate purchase price of approximately A$122 million.
Creso Pharma is a global medicinal cannabis company that specializes in research, development and production of therapeutic, nutraceutical and animal health products.
PharmaCielo will pay A$0.63 per Creso Pharma share, representing a premium of 50% over the closing trading price of the Creso Pharma shares on May 31, 2019.
Creso Pharma’s Swiss-led team, has commercialized four proprietary branded products in less than two years, including both human and animal health focused CBD-based nutraceuticals and complementary feed products.
Four additional products are to be commercialized in 2019 by Creso Pharma, adding both additional proprietary formulations and delivery technologies to the “Swiss Made” GMP compliant, pharma-grade pipeline.
Creso Pharma’s active sales in 13 countries including Australia, New Zealand, Brazil, Switzerland, Germany, France, the Netherlands and the United Kingdom complements PharmaCielo’s networks in South America, Mexico and Italy.