A Nasdaq traded pharmaceutical corporation that focuses on developing cannabinoid pharmaceuticals is being taken over by an emerging CBD company.
Heavenly Rx is planning a reverse takeover of Terapix Biosciences, which currently trades on the Nasdaq as TRPX. The combined company will retain the title of Heavenly Rx.
Paul Norman, former president of The Kellog co., will stay on as CEO. The company will also be adding Clive Sirkin, former growth officer at The Kellog Co., to their board of directors.
This latest move is one of a series of investments and acquisitions by Heavenly Rx over the last few months. Heavenly Rx is a Toronto-based subsidiary of its parent company, Sol Global Investments.
The goal of this deal will be to expand Heavenly Rx’s wellness investments. Therapix currently focuses on developing THC medications to treat ailments like pain, sleep apnea, and Tourette syndrome.
The first step of the deal will be a share exchange between the companies. Then Therapix will issue up to 20% of its American depositary shares, which are backed by U.S. currency.
After the 30-day share exchange, the first step in combining Heavenly Rx and Therapix will be complete.