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Knight Signs GUD (Bueno) Latin American Strategic Funding Deal with Moksha8
Feb 18, 2019
Montreal, Canada, and Berwyn, Pennsylvania, USA, February 18th , 2019 -- Knight Therapeutics Inc. (TSX: GUD) ("Knight"), a Canadian specialty pharmaceutical company focused on acquiring, in-licensing, selling and marketing innovative prescription pharmaceutical products and Moksha8 Inc. (“Moksha8”), a specialty pharmaceutical company focused on licensing and marketing innovative and established therapeutics in Latin America, today announced the closing of a strategic financing agreement for up to US $125 million.
Under the agreement, Knight will initially lend Moksha8 up to US $25 million in working capital funding, of which US $10 million will be issued at closing. Knight may issue up to an additional US $100 million in funding for M&A and the acquisition of new licenses.
“We are thrilled with this partnership”, said Joel Barlan, Chief Executive Officer of Moksha8. “Moksha8 is entering a new era of growth, supported by both a talented team and significant product launches. Knight’s partnership provides the fuel for the expansion of our strategy to the next level.”
“We are excited to partner with the new Moksha8”, said Jonathan Ross Goodman, Chief Executive Officer of Knight. “Knight and Moksha8 share the common vision of bringing much needed therapeutics to underserved markets such as Canada and Latin America.”
As a result of the deal, Knight has the right to appoint two observers to Moksha8’s Board. “We view the Board collaboration as a crucial part of the agreement”, said Daniel K. Turner III, founder of Montreux Equity Partners, Moksha8’s majority shareholder. “Combining Moksha8’s deep market and commercial knowledge with Knight’s exceptional track record as a licensee and acquirer boosts Moksha8’s capabilities to new levels”.
Stifel, Nicolaus & Company, Incorporated (NYSE: SF) acted as financial advisor and exclusive financing agent to Moksha8 for this transaction.