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03 Nov 2025
Admin
News Article

PharmaDrug Signs Definitive Agreement to Acquire up to 40% Stake in Canurta, Expanding Botanical Drug Development Portfolio

PharmaDrug Inc., a specialty pharmaceutical company focused on natural medicines, has entered into a definitive securities exchange agreement with Canurta Limited Partnership, the parent entity of biotechnology firm Canurta Inc. The deal marks a key step in PharmaDrug’s strategy to expand its biotechnology portfolio into botanical therapeutics targeting inflammatory and neurodegenerative diseases.

Under the agreement, PharmaDrug will acquire up to a 40% equity interest in Canurta through two tranches, issuing a total of 83,645,316 common shares at a price equal to the 20-day volume-weighted average prior to each closing.

First Tranche: 8,109,987 limited partner (LP) units (20%) in exchange for 25,980,000 PharmaDrug shares, expected to close around November 10, 2025.
Second Tranche: 8,191,495 LP units (20%) in exchange for 57,665,316 PharmaDrug shares, expected by January 31, 2026, pending shareholder approval.

Following both tranches, PharmaDrug will hold 40% of Canurta, while Canurta will own about 44% of PharmaDrug’s outstanding shares on a pro forma basis.

The agreement also includes a recission right, allowing Canurta’s limited partners to reverse the transaction if specified milestones are not met within agreed timelines. The corresponding PharmaDrug shares would then be canceled. This right expires no later than March 1, 2026.

Additionally, Canurta will advance $85,000 to PharmaDrug at each closing through a forgivable promissory note bearing 12% annual interest, intended to support working capital.

“Executing the definitive agreement with Canurta represents a major milestone in our strategy to expand PharmaDrug’s biotechnology footprint through innovative botanical drug development,” said Dr. David Kideckel, Executive Chairman of PharmaDrug.

Akeem Gardner, Founder and CEO of Canurta, added, “This agreement formalizes our collaboration with PharmaDrug to advance CNR-401 and other pipeline assets. We look forward to leveraging PharmaDrug’s platform to scale Canurta’s research and deliver value for patients and shareholders.”

The transaction remains subject to customary closing conditions, including approval from the Canadian Securities Exchange (CSE) and requisite shareholder and regulatory clearances. A shareholder meeting to approve the second tranche is expected in early January 2026.

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