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Intellipharmaceutics International to buy CAD4.7m operating property & adjoining property in Canada.

M2 EQUITYBITES-May 26, 2015-Intellipharmaceutics International to buy CAD4.7m operating property & adjoining property in Canada

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Pharmaceutical company Intellipharmaceutics International (TSX:I) said on Monday that it has agreed to acquire its operating property as well as the adjoining property for a combined purchase price of CAD4.7m subject to various closing conditions.

The operating property consists of the land and building from which it conducts its operations at 30 Worcester Road, Toronto, Ontario. The adjoining property consists of land and building of the adjoining property at 22 Worcester Road.

According to the company, the operating property has been occupied since 2004 pursuant to a lease and is approximately 25,000 sq. ft. The adjoining property includes a building of 40,000 sq. ft. that is not currently occupied. The adjoining property is expected to provide with space that will permit expansion of its operations.

Additionally, the company stated the operating property comprises of its management, R&D, manufacturing, quality control and analytical testing components. The US FDA and Health Canada have granted "acceptable" classification to those aspects of the operating facility that permit to receive final approvals for certain drug applications and to permit manufacturing, testing, release and storage of drug products intended for commercial sales in the US and Canada after any such approvals.

In conjunction, the company announced that the final US FDA approval has not yet been issued for the 5 mg strength of its generic dexmethylphenidate generic of Focalin XR.

(USD1=CAD1.23)

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Publication:M2 EquityBites (EQB)
Date:May 26, 2015
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