Medipharm Labs Sells Off Australian Assets

MediPharm Labs (TSX: LABS) appears to be slowly pulling back on its international endeavours. The firm this morning announced the sale of its Australia operations, which will be sold to a local operator.

The sale will see the company receive a “minimum value” of $6.2 million, with the transaction slated to close within the next 90 days. As part of the sale, the company will also be parting with any contracts it had in Australia as well as New Zealand, which will transition to OneLife Botanicals PTY, the purchaser of the facility. Also to be included in the sale is specialized licensing, operational knowledge, and the assets at the facility.

Medipharms will now reportedly be serving both domestic as well as international clients from its Barrie, Ontario facility. Contracts outside of Australia and New Zealand will remain with the company.

An agreement has reportedly been put into place for transitioning of product as well as for future commercial opportunities.

Medipharm Labs last traded at $0.06 on the TSX.

Information for this briefing was found via Sedar and MediPharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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