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Ottawa Ontario-based Tetra Bio-Pharma Inc. (TSX VENTURE:TBP) (OTC:TBPMF), a cannabinoid-based drug development company, announced a share purchase agreement of assets controlled by André Rancourt, Chairman of the Board, and Guy Chamberland, Chief Scientific Officer.


Tetra will buy all of the common shares held by Rancourt and Chamberland of Tetra’s subsidiary, Phytopain Pharma for $12.4 million. This is 20% of the Phytopain Pharma.


PPP will become a wholly-owned subsidiary of Tetra.


“This transaction will be a significant milestone for Tetra Bio-Pharma and all our stakeholders,” said Bernard Fortier, Tetra’s CEO.


“The two selling shareholders … are both committed to the long-term success of Tetra as evidenced by their agreement to accept shares in Tetra in lieu of an all- cash transaction.


Tetra will gain 100% control of Phytopain Pharma, a key asset in the development of their pipeline of cannabinoid-based drugs.


The Transaction is subject to customary closing conditions.


Source Tetra press release