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Aurora Cannabis to buy cannabis products developer in C$115M deal

Aurora Cannabis Inc. is acquiring Anandia Laboratories Inc. in a C$115 million all-stock deal.

Vancouver, British Columbia-based Anandia is a privately held company focused on developing cannabis-based products through genomics, plant breeding and pharmaceutical science.

Aurora will buy 100% of Anandia's issued and outstanding shares through the issuance of Aurora common shares worth C$115 million. Each Aurora common share is bundled with a warrant exercisable for one half of its common share at an exercise price equal to the issue price plus 10% with a term of five years.

CannaRoyalty Corp. owns 16.5% of Anandia, and its equity stake is valued at about C$19 million based on the deal valuation. CannaRoyalty said it will use the proceeds to fund expansion and acquisitions.

Closing of the transaction is expected to occur in the coming weeks, subject to customary closing conditions, including the signing of a definitive agreement, due diligence, shareholder and necessary regulatory approvals.