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Khiron Life Sciences Corp. (TSXV:KHRN), a key player in TSX healthcare stocks, has recently made substantial modifications to its share purchase agreement with 2518542 Alberta Ltd., focusing on the sale of Khiron’s European subsidiaries. According to the revised agreement, the purchaser is set to acquire the European subsidiaries for a total purchase price of $3 million. Notably, the option agreement that would have facilitated the purchaser's acquisition of all shares of Khiron’s Colombian subsidiary, Zerenia S.A.S, has been removed from the deal. This adjustment was made in response to the conditions outlined by the TSX Venture Exchange (TSXV) for approving the transaction.
TSXV KHRN has successfully obtained conditional approval for the transaction from the TSXV and has secured the necessary approvals under the German Foreign Trade and Payments Act and Regulation. These approvals specifically pertain to the sale and purchase of the outstanding shares of Pharmadrug Production GmbH. The completion of the sale and purchase of Pharmadrug’s shares, coupled with the transfer of all shares of Khiron Europe GmbH and Zerenia Clini, is anticipated to occur around November 17, 2023.
The amended agreement underscores Khiron’s commitment to meeting regulatory requirements and efficiently finalizing the sale of its European subsidiaries. This move exemplifies the company’s dedication to executing strategic business transactions while ensuring compliance with exchange regulations.