Ann: Incannex to Acquire APIRx Pharmaceuticals, page-28

APIRx will not be profitable. They aren't selling anything yet.

100% scrip-for-scrip - no cash as part of the merge. Key management personnel are both coming over to IHL.

Looks like we have two companies who could be competition, and instead have just merged together to make clear that they're "front of the pack"...

The various patents on new uses have a mixed bag - APIRx's portfolio has some interesting stuff, and some novelty stuff (while gingivitis is a $42b industry, I can't imagine most sufferers think "let's turn to cannabis"). Intrigued by some (MS spasticity, dementia, etc), and think a big plus is the stuff around the medicated chewing gums, etc. Definitely a growth area with good synergies between the two companies.

Very difficult to assess the purchase price, but US$93.3m shouldn't be bad. The merger is somewhere near a 90% IHL, 10% APIRx deal, not even close to a 50/50 proposition.