22nd Century Group acquired RX Pharmatech Ltd for $2.1 million total fair value of aggregate consideration ($200 thousand cash, $503 thousand in stock, $286 thousand working-capital true-up, and $1.138 million initial fair value of contingent consideration, with additional equity payments of up to $1.55 million over three years), a transaction completed in January 2023, structured as Acquired RX Pharmatech Ltd pursuant to a share purchase agreement (cash, stock, and contingent equity payments).
RX Pharmatech Ltd operates in Hemp/Cannabis. On January 19, 2023, 22nd Century Group acquired RX Pharmatech Ltd, a privately held United Kingdom distributor of cannabinoids with 1,276 novel food applications registered with the U.K. Food Standards Agency; products include CBD isolate and finished products such as gummies, oils, drops, tinctures, sprays and capsules.
RXP had exclusively used GVB's technical data and secured 1,276 novel food applications with the U.K. FSA, extending 22nd Century's hemp/cannabis franchise in the United Kingdom.
Advisory firms were not disclosed for this transaction.