MediPharm Labs has reached an agreement to sell its Napanee facility to Kensana Health for $5.5 million.
Kensana Health will acquire the licence of the Napanee facility as well as the building, land, and equipment while current commercial agreements and activities of the company will stay with MediPharm Labs.
The two companies will also form a strategic partnership including a comprehensive supply and services agreement that will see Kensana Health supply select products and services to MediPharm that will allow it to continue to deliver high-quality, GMP-certified cannabinoid solutions to its customers and partners worldwide.
David Pidduck, CEO of MediPharm Labs, commented, “This transaction reflects our commitment to enhancing operational efficiency while fostering strong partnerships that expand our global reach.”
For Kensana Health, the transaction is expected to support its ongoing United States Food and Drug Administration registration process for its novel topical chronic wound treatment.
Ken Clement, CEO and founder of Kensana Health commented, “This acquisition represents our commitment to advancing phytopharmaceutical development, specifically targeting severe medical conditions with significant unmet needs. This is a strategic move to expand our pharmaceutical manufacturing capabilities for multiple plants, and not just phytocannabinoids.”
The transaction is expected to close by January 1, 2025.
