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The acquisition is expected to expand CURE Pharmaceutical’s technology platform in oral drug delivery.
On April 1, 2019, CURE Pharmaceutical, a drug delivery and development company, announced that it will acquire Chemistry Holdings (CH), a formulation technology company that specializes in developing delivery systems for a variety of industries, in an all-stock transaction using common stock.
Under the terms of the agreement, CURE will receive $2 million from CH as a convertible note investment, which will convert into CURE common stock at $3.34 per share if the merger does not close by April 30, 2019. Upon closing, CH will bring at least an additional $8 million in cash to the combined entity. The acquisition is subject to the satisfaction of various closing conditions, and the merger is expected to be completed on April 30, 2019.
The acquired technology includes a novel chewable delivery system, nanoemulsions, microemulsions, microcapsules, and taste-masking solutions. These technologies complement and expand the CUREfilm platform to enable delivery of a wider range of active ingredients at higher doses. The combined technologies create a versatile platform for both immediate and controlled-release drug delivery.
“This transaction will create a pioneering drug delivery engine with the promise to transform patient experience and wellness,” said Rob Davidson, CEO of CURE Pharmaceutical, in a company press release. “We believe that our combined talent, technology, and capital will allow us to execute our business goals rapidly.”
“The drug delivery market is poised for tremendous growth and bringing our expertise into the CURE family will only expedite the speed in which we will be able to deliver breakthrough medical treatments to the world,” said Joshua Held, founder and CEO, Chemistry Holdings, in the press release .“Combining our catalog of formulation technology with CURE’s leadership in oral thin film fits together perfectly.”
Additionally, Held will be appointed to CURE’s board of directors upon closing.
Source: CURE Pharmaceutical