Osborne Clarke has advised PharmaDrug, Inc. (Toronto, Canada) on its agreement dated May 31, 2022 with Khiron Life Sciences Corp. (Vancouver, Canada) to sell all of the outstanding shares in Pharmadrug Production GmbH, the company's wholly-owned German subsidiary.
Pharmadrug Production GmbH is a medical cannabis distributor, with a schedule I European Union narcotics license and German EuGMP certification allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the European Union.
The closing of the proposed transaction is subject to the satisfaction of customary closing conditions including receipt of all necessary regulatory approvals. The parties are targeting a closing on or before the end of July 2022.
PharmaDrug, Inc. is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs. Khiron is a leading vertically integrated international medical cannabis company with core operations in Latin America and Europe.
The Osborne Clarke team which advised PharmaDrug Inc. was led by Dr. Fabian Christoph (Corporate / M&A) and consisted of Dr. Jens Wrede (Tax) and Dr. Marc-Sebastian Muhle (Disputes). In Canadian law, the law firm Fogler Rubinoff advised PharmaDrug, Inc.