MGC Pharmaceuticals has announced it will acquire international clinical and medical research company MediCaNL, subject to shareholder approval.
Based in Israel, MediCaNL has been employed by MGC Pharma for the last two years to run its clinical trials. It will now design, manage and run MGC’s future clinical trials, achieving immediate savings by cutting its forecasted expenses and streamlining future preclinical and clinical processes.
Under the terms of the deal, MediCaNL will acquire shares in MGC worth A$6 million, 30% issued on settlement and the remaining 70% issued in instalments over 13 months.
MGC Pharmaceuticals co-founder and managing director Roby Zomer said: “MediCaNL is led by some of the world’s most-renowned doctors and scientists who will be a great asset to the MGC Pharma team.
“They operate at the highest levels of quality and integrity, enabling MGC Pharma to establish and nurture stronger relationships with regulators in the years to come as we expand our suite of products and undergo more clinical trials.”