Cilo Cybin Holdings Limited, a South African company listed on the Johannesburg Stock Exchange (JSE) under the ticker CCC, has announced its acquisition of Cilo Cybin Pharmaceutical Proprietary Limited (CC Pharmaceutical). The deal, valued at R845 million, will be settled through the issuance of Cilo Cybin shares to the current shareholders of CC Pharmaceutical.
Established in August 2018 by Gabriel Theron, the current CEO of Cilo Cybin, CC Pharmaceutical has been a key player in the medicinal cannabis industry. The company operates a state-of-the-art facility in Gauteng, South Africa, encompassing cultivation, manufacturing, and packaging operations.
This acquisition marks a significant milestone for Cilo Cybin Holdings, aligning with its strategic objectives to expand its footprint in the biotech and cannabis sectors. The company aims to leverage CC Pharmaceutical’s established infrastructure and expertise to enhance its product offerings and market reach.
The transaction is subject to certain conditions precedent, including shareholder approval and regulatory consents. Upon fulfillment of these conditions, CC Pharmaceutical will become a wholly-owned subsidiary of Cilo Cybin Holdings.
Shareholders and investors are advised to exercise caution when dealing in the company’s securities until a further announcement is made.
In related developments, ALPS Global Holding Berhad, a biotechnology research, medical, and wellness company based in Kuala Lumpur, Malaysia, has acquired a 10% equity shareholding in Cilo Cybin Pharmaceutical. This strategic investment is aimed at supporting Cilo Cybin’s upcoming IPO efforts. ALPS has agreed to underwrite the IPO for Cilo Cybin to ensure a listing on the JSE.
Dr. Tham Seng Kong, Group CEO and Group Chief Research Scientist of ALPS, expressed confidence in the partnership, highlighting the potential synergies between the two companies in the biotech and pharmaceutical sectors.
This collaboration is expected to pave the way for joint ventures in developing medical cannabis products and exploring new markets, further solidifying Cilo Cybin’s position in the global biotech industry.
Source: SHARENET
