Kane Biotech (TSE:KNE) has released an update.
Kane Biotech Inc. has agreed to sell its stake in STEM Animal Health for over CND $11.5 million to a multinational pharmaceutical company, aiming to strengthen its financial position and focus on human health biofilm solutions. The deal includes potential additional payments and partnership agreements, with proceeds intended to repay existing debt and for general corporate purposes. Shareholder and regulatory approvals are pending for the transaction that is seen as a strategic move to streamline Kane Biotech’s business interests.
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