Canndoc Ltd signed a non-binding letter of intent to acquire Cellect Biotechnology Ltd. in a reverse merger transaction for approximately $770 million.
March 03, 2020
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Canndoc Ltd signed a non-binding letter of intent to acquire Cellect Biotechnology Ltd. (NasdaqCM:APOP) in a reverse merger transaction for approximately $770 million on March 4, 2020. Cellect Biotechnology will acquire all the outstanding share of Canndoc Ltd from InterCure Ltd. (TASE:INCR) in exchange for Cellect ADR’s to be in total of approximately 95% of the merged company. Intercure has committed to invest a cash sum of at least $3 million in any public offering that Cellect may undertake, at a price of not less than $4.50 per ADR. After completion of the deal Cellect will change its name into Canndoc Pharma. The parties agreed to act jointly in order to fulfill all the requirements to enable Cellect to continue to trade on the NASDAQ. The transaction is subject to definitive agreement, Board approval and customary closing conditions, including the approval of Israeli Medical Cannabis Agency and shareholders of Cellect. The transaction is expected to close in the second quarter of 2020.
Quoin Pharmaceuticals Ltd, former Cellect Biotechnology Ltd, is an Israel-based specialty pharmaceutical company, focused on developing and commercializing therapeutic products that treat rare and orphan diseases. The Companyâs first lead product is QRX003, a once daily, topical lotion comprised of a broad-spectrum serine protease inhibitor, formulated with the proprietary Invisicare technology, to treat Netherton Syndrome. The product going to be developed for other rare dermatological diseases including Peeling Skin Syndrome, SAM Syndrome, and Palmoplantar Keratoderma. Quoin is also developing QRX004 as a potential treatment for Dystrophic Epidermolysis Bullosa, and QRX006 as a potential therapy for an, as of yet, undisclosed rare skin disease.
Canndoc Ltd signed a non-binding letter of intent to acquire Cellect Biotechnology Ltd. in a reverse merger transaction for approximately $770 million.
QUOIN PHARMACEUTICALS, LTD. 
