Tetra Bio-Pharma Enters into Definitive Agreement to Acquire Panag Pharma Inc.

Published: February 1, 2019

Tetra Bio-Pharma Enters into Definitive Agreement to Acquire Panag Pharma Inc.

Tetra Bio-Pharma Inc., a leader in cannabinoid-based drug discovery and development has entered into a definitive agreement with the shareholders of Panag Pharma Inc. for the previously-announced acquisition by Tetra of all of the issued and outstanding shares in the capital of Panag. Panag is a Canadian-based bio-tech company focused on the development of novel cannabinoid-based formulations for the treatment of pain and inflammation. Panag has developed innovative and patented formulations for the treatment of ocular diseases and other pain conditions such as general neuropathic pain. Their significant formulation expertise in the wellness market will allow Tetra to expand its commercial operations.

Dr. Guy Chamberland, CEO and CSO of Tetra stated, “In completing this acquisition of Panag Pharma we have not only acquired a large portfolio of cannabinoid derived pharmaceutical and natural health products but also a team of scientists that have a substantial amount of expertise in the field. Tetra Bio-Pharma looks forward to incorporating Panag into its operations and accelerating its various drug development programs including our second-generation inhaled program.”

Following the closing of the Proposed Transaction, it is expected that Panag will remain a separate subsidiary owned 100% by Tetra and provide Tetra with additional discovery and early phase drug development capacity. With this robust product pipeline, Tetra intends to continue to implement its out-licensing program to generate additional revenues via upfront payments, milestone payments, and royalties and actively pursue the clinical development of lead products.

According to Dr. Orlando Hung, a co-founder of Panag, “The Panag team is very excited to have this well-timed opportunity with Tetra Bio-Pharma, allowing us to continue our decades of translational cannabinoid research. Utilizing the expertise and support from Tetra Bio-Pharma, we are confident that our partnership and combined skills will position us to bring effective and safe cannabinoid-based medications, as well as more innovative cannabinoid delivery systems to market to help managing patients with pain and inflammation.”

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