A drug delivery and development company in California said Thursday it has wrapped an agreement to acquire a CBD beauty, wellness and pet product maker for $20 million.
CURE Pharmaceutical completed its purchase of Sera Labs for $19 million in CURE stock and $1 million in cash, with an additional $4 million of working capital to support Sera Labs’ growth, according to a statement. The deal is expected to close in early October.
“The rest of 2020 will set the stage to make 2021 a breakout year for the Sera Labs wellness business as well as for CURE Pharmaceutical,” CURE CEO Rob Davidson said in a statement.
Nancy Duitch, founder and CEO of Sera Labs, will continue in her role as the CEO and assume the additional role of chief strategic officer of CURE’s Wellness Division.
“With the consummation of the transaction, the Sera Labs’ team is excited to introduce consumers to CURE’s innovative delivery system, which we believe will change the way they take daily nutraceuticals,” Duitch said.
CURE trades on the U.S. over-the-counter markets as CURR.