Aurora Cannabis Inc. said it completed its initial take up of CanniMed Therapeutics Inc. common shares as part of a previously announced offer.
British Columbia-based Aurora on March 12 took up 21,309,517 CanniMed shares, representing 86.8% of the Saskatchewan-based cannabis company's total outstanding shares on a fully diluted basis. Combined with shares it acquired in the open market, Aurora now holds 87.1% of outstanding CanniMed shares.
As part of the offer, Aurora issued about 62.8 million of its common shares and paid about C$121.5 million in cash to CanniMed stockholders. Remaining CanniMed shareholders can tender their shares under the offer until March 25.
Aurora also started the integration process, and said it will focus on increasing production, developing new intellectual property, driving international growth and accelerating patient registration in Canada.
Further, the company appointed three of its nominees to the CanniMed board, effective immediately.
André Jérome, Michael Dowty and Michel Lamontagne were appointed to the CanniMed board. Jérome is senior vice president of business integration at Aurora, Dowty is the chief revenue officer of payment platform Apriva and Lamontagne is an adviser and corporate director.
Meanwhile, directors Donald Ching, CanniMed CEO Brent Zettl, Marianne Grier, Richard Hoyt, Dwayne Lashyn, Bruce Mackler and Brandon Price resigned from the board.
Zettl is will remain CEO of CanniMed to assist with the transition.
