PharmaDrug Inc.

10:14 AM EST - PharmaDrug Inc. : Announced that it has entered into the definitive agreement in respect of the previously announced (see press release dated January 12, 2021) proposed acquisition of Sairiyo Therapeutics Inc. on January 12, 2021. Management of the Company believe that the proposed acquisition will strengthen PharmaDrug's product pipeline, intellectual property portfolio and pharmaceutical development expertise. Under the terms of the agreement, PharmaDrug proposes to acquire all of the issued and outstanding shares of Sairiyo in consideration for the issuance of an aggregate of 75,000,000 units of PharmaDrug. Each Unit will be comprised of one common share of PharmaDrug and one common share purchase warrant of PharmaDrug. Each Warrant will entitle the holder thereof to acquire one common share in the capital of PharmaDrug at any time on or before the 18 month anniversary of the issuance of the Warrants at an exercise price of $0.10 per share. Following completion of the transaction Sairiyo will be a wholly-owned subsidiary of the Company. PharmaDrug Inc. shares C.BUZZ are trading up 1 cent at $0.10.