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    TKUN   IL0010843675

TIKUN OLAM-CANNBIT PHARMACEUTICALS LTD

(TKUN)
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Cannbit Pharmaceuticals Ltd competed the acquisition of Israel activities from Tikun Olam Ltd.

11/25/2019 EST

Cannbit Pharmaceuticals Ltd (TASE:CNBT) signed memorandum of understanding to acquire Israel activities from Tikun Olam Ltd. on September 15, 2019. Under the terms of the memorandum of understanding, Cannbit will pay $42 million, being $10 million paid on the day of signing the final agreement and the remainder on completion of the deal. Cannbit shall also pay an additional $18 million. Cannbit shall also issue its shares in the scope of 4.99% of the Cannbit’s share capital and shall also pay in a quarterly manner 5% of the income received from the sale of Tikun Olam products. As on November 24, 2019, an agreement was signed for the deal. As per new terms of the agreement, Cannbit is to pay $23.5 million as consideration, as well as issuance of its shares amounting to 4.99% of its issued and paid up share capital and a future consideration in Israeli Shekels equal to $18 million conditional on revenue in the next 5 years since completion of the deal. Under the revised terms, Tikun Olam will also get a 5% stake on Cannbit as well as royalties equal to 3.2% of sales. Cannbit’s Board approved the memorandum of understanding on September 15, 2019. As on November 24, 2019, Cannbit Pharmaceuticals Ltd received approval from all its Directors. Cannbit Pharmaceuticals Ltd (TASE:CNBT) competed the acquisition of Israel activities from Tikun Olam Ltd. on November 25, 2019. Moti Dattelkramer and Sagiv Mizrahi of BDO acted as the accountant to Cannbit Pharmaceuticals.


ę S&P Capital IQ 2019
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Financials
Sales 2020 21,7  6,90  6,90 
Net income 2020 -32,9 M -10,5 M -10,5 M
Net Debt 2020 5,33 M 1,70 M 1,70 M
P/E ratio 2020 -5,03x
Yield 2020 -
Capitalization 200 M 63,7 M 63,7 M
EV / Sales 2019 -
EV / Sales 2020 8 863 230x
Nbr of Employees 100
Free-Float 72,9%
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Managers and Directors
Ifat Kariv Chief Executive Officer & Director
Eitan Ben-Eliahu Chairman
Ronen Harel Independent External Director
Revital Aviram External Director
Orit Noked Independent Director