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Galileo Life Sciences Merges with Canadian Health Services Firm Novo Healthnet.


12 May 2016 - US-based clinic operator and medical cannabis producer and Galileo Life Sciences, Inc.'s (OTC: MDRM) Canadian subsidiary has signed a merger agreement with Canadian health services provider Novo Healthnet Ltd., the company said.

Terms of the deal were not disclosed.

Novo is Canada's third largest provider of whole health services including physiotherapy, massage therapy, and chiropractic.

The company's primary line of health care interest is in providing rehabilitation medicine. Novo and its affiliates have a chain of 114 clinics that are staffed and administered by licensed health care professionals.

Novo Healthnet also has a binding business partnership with a licensed producer and distributor of medical cannabis and its derivatives coupled with marketing and distribution rights to an on-line virtual physician access system.

This merger will give the 100,000 patients who visit the health clinics located across Canada, on-site access to the licensed producers.

Galileo Life Sciences is a company strategically focused on the production and distribution of premium medical cannabis in North America.

Country: Canada

Sector: Healthcare

Target: Novo Healthnet Ltd

Buyer: Galileo Life Sciences


Deal size in USD:

Type: Merger

Financing: Cash and Stock

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Geographic Code:1CANA
Date:May 12, 2016
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