Nutriband to acquire Carmel Biosciences and an FDA-approved drug

Following a ‘letter of intent’ back in June, Florida, USA-based Nutriband (OTCQB: NTRB) has now announced the signing of the definitive acquisition agreement to acquire Carmel Biosciences.

The acquisition is expected to be valued at around $2.7 million and will be paid in company stock in the amount of 350,000 restricted common shares. At the intent stage, the deal had been valued at around $3.8 million, through payment of 450,000 restricted common shares of the company's stock.

Nutriband’s shares edged up 1.13% to $8.04 by close of trading yesterday. This is the second acquisition this year for Nutriband, which in April said it had bought 4P Therapeutic for $1.9 million,