Knight Announces Closing of Separation Agreement
MONTREAL, March 16, 2020 (GLOBE NEWSWIRE) — Knight Therapeutics Inc. (TSX: GUD) (“Knight“) and Medison Biotech (1995) Ltd. (“Medison”) have closed today the previously disclosed transaction to separate their respective businesses.
As announced on November 21, 2019, Knight and Medison have entered into a definitive agreement pursuant to which Knight will sell to the Medison group all of Knight’s shares in Medison, reflecting approximately 28.3% of the share capital of Medison, for $77,000,000 (“Consideration”). Knight has received 75% ($57,750,000) of the Consideration and the remaining 25% ($19,250,000) will be held by a trustee and is expected to be released to Knight upon the issuance of a tax certificate by the Israel Tax Authority.About Knight Therapeutics Inc.Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gud-knight.com or www.sedar.com.Knight Forward-Looking StatementThis document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2018. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law. CONTACT INFORMATION:Knight Therapeutics Inc.
President and Chief Financial Officer