Canada's Stellar Acquires Tribute Pharmaceuticals

Stellar Pharmaceuticals has acquired Tribute Pharmaceuticals to create a leading North American specialist pharmaceutical company.

Canadian firm Stellar Pharmaceuticals has acquired all of the outstanding shares of Tribute Pharmaceuticals Canada and Tribute Pharma Canada, creating a leading North American specialist pharmaceutical company.

Under the terms of the agreement, Tribute's shareholders will be paid 13,000,000 common shares of Stellar, $1,000,000 on closing and $500,000 on 1 December 2012. They will also be entitled to an additional 2,000,000 common shares.

The combined unaudited revenues of the two firms for the 12-month period ending 31 October were approximately US$12m.

The international headquarters for the combined company will be in Milton, Ontario and Stellar shares will continue to trade under the Stellar