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news.Canadian pharmaceutical company Paladin Labs has acquired BioEnvelop Inc, a wholly owned subsidiary of BioEnvelop Technologies, in a cash and shares deal.
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Paladin said that BioEnvelop Inc has expertise in developing and manufacturing rapidly dissolving edible films for the nutraceutical and pharmaceutical markets in Canada and the US.
Paladin has acquired all of the issued and outstanding shares of BioEnvelop Inc for cash consideration of $645,000 plus 114,355 common shares of Paladin. Of these amounts, $175,000 in cash and 15,900 in shares are payable should certain post-closing conditions be met.
Jonathan Goodman, president and CEO of Paladin, said: “BioEnvelop's rapidly dissolving film strip technology provides Paladin with a platform from which to develop innovative nutraceutical, OTC and prescription products. We intend to leverage this new platform technology to help us improve the delivery of a number of existing off-patented products.”