Thetford Mines, Quebec / TheNewswire / December 4, 2018 - KDA Group Inc. (TSXV: KDA) ("KDA" or the "Corporation") is proud to announce that it has signed a letter of intent ("LOI") with Strides Pharma Global Pte Ltd. ("Strides") for the sales of a majority stake in Pharmapar Inc. ("Pharmapar"), a division of KDA.
Strides has agreed to acquire 80% all the issued and outstanding common shares of Pharmapar, the generic distribution arm of KDA, in consideration of four million Canadian dollars (CAN$4,000,000) existing cash on hand, on the terms and conditions agreed substantially in accordance with the LOI. KDA and Strides are arms' length parties.
The closing of the proposed transaction is expected around December 31, 2018. As part of the closing, the parties shall execute the share purchase agreement with covenants, representations and warranties acceptable to the parties, including a shareholder's agreement and all other documents to be mutually agreed by the parties or requested by the regulatory authorities.
The agreements and documents are subject to all required approvals including the final approval of the TSX Venture Exchange.
KDA is a leading generic drug distributor and specialized solution provider in the pharmaceutical market. Today it is a respected name for quality and expertise among the different stakeholders in the pharmaceutical sector. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.groupekda.ca and on SEDAR at www.sedar.com.
Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is global pharmaceutical company headquartered in Bangalore. The company has two business verticals, viz., Regulated Markets and Emerging Markets. The company has a global manufacturing footprint with seven manufacturing facilities spread across three continents including five facilities for Regulated Markets and two facilities for the Emerging Markets. The company has strong R&D infrastructure in India with global filing capabilities and a strong commercial footprint across 100 countries. Additional information is available at the company's website at www.strides.com.
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Chief Executive Officer