IXHL - Incannex to acquire APIRx Pharma in a deal worth over $93 million

Incannex Healthcare (NASDAQ:IXHL), a clinical-stage pharmaceutical company focused on cannabinoid and psychedelic medicines, announced an agreement to acquire the U.S.-based biotech APIRx Pharmaceutical. The ADRs of Australia-based Incannex (IXHL) are trading ~8% higher in the pre-market after the company announced the execution of the term sheet with binding commercial terms on Thursday. The proposed acquisition price is $93.3M payable in the form of scrip consideration at the 7-day volume-weighted-average-price (VWAP) immediately before the execution of the term sheet for the acquisition, Incannex (IXHL) said. Completion of the deal is subject to shareholder approval. "We believe that bringing together Incannex and APIRx will bolster our position as a leader in the medicinal cannabinoid sector and will further set IHL apart from other players in the industry," Chief Executive of Incannex (IXHL) Joel Latham noted.

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Incannex to acquire APIRx Pharma in a deal worth over $93 million