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XPhyto Therapeutics acquires German drugmaker Vektor Pharma

XPhyto Therapeutics Corp. acquired Vektor Pharma TF GmbH to boost its medicinal cannabis import into Germany.

Vancouver, British Columbia-based XPhyto Therapeutics closed a definitive share purchase agreement with the German drugmaker and an equipment purchase agreement with its affiliate.

Under both the agreements combined, the consideration comprises a €350,000 payment; issuance of 200,000 common shares; €400,000 units in XPhyto Therapeutics' capital at the price of C$1 each; 200,000 in a convertible debenture that will mature six months after the closing at a 2.5% annual interest rate; and €150,000 in a convertible debenture that will mature a year after the closing at a 2.5% interest rate.

XPhyto Therapeutics plans to accelerate its German expansion via this acquisition as Vektor holds a number of valid narcotics licenses pursuant to EU Good Manufacturing Practices certification and other governing regulations.