Therapix Biosciences Ltd. said it will terminate its previously signed binding letter of intent to be acquired by Ontario-based cannabis company FSD Pharma Inc.

Tel Aviv-based Therapix Biosciences said FSD Pharma proposed to modify the terms of the transaction as established by the original agreement.

Therapix said its board could not agree to revised terms and therefore decided to cancel the agreement, which will terminate Dec. 26.

Under the original letter of intent, FSD Pharma agreed to buy Therapix for $48 million in FSD stock, representing close to 10% of the company's equity.