Kane Biotech Announces Closing of the Sale of STEM Animal Health to Dechra Veterinary Products
WINNIPEG, Manitoba, April 15, 2024 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (“Kane”) announces that, it has completed the sale of its interest in STEM Animal Health Inc. to Dechra Veterinary Products, Inc. for US $8,000,000, plus net cash held in STEM (estimated at CND $600,000) and a working capital adjustment (estimated at CND $350,000) (the “Transaction”). Overall, it is anticipated that the sale of STEM will net Kane an estimated CND $11,500,000. The Transaction was completed by way of a share purchase agreement between Kane, STEM, Ecuphar NV and Dechra dated April 12, 2024.
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