Agriculture-food sector focused Neovia SAS will acquire Epicore BioNetworks Inc. for about C$35.6 million at C$1.30 per share.
Neovia said the acquisition provides Neovia with probiotic manufacturing and technical capabilities and strengthens its presence in Latin America.
Epicore's shares will be delisted from the TSX Venture Exchange upon completion of the transaction.
Epicore will pay a break fee of about C$1.4 million to Neovia if the deal is not completed.
The deal is subject to shareholder approval and is expected to close in 2017.