Add-on Acquisition • Life Science

Aurora Acquires MedReleaf

On May 14, 2018, Aurora acquired life science company MedReleaf for 3.2B CAD

Acquisition Context

This is Aurora’s 4th transaction in the Life Science sector.
This is Aurora’s 0th largest (disclosed) transaction.
This is Aurora’s 6th transaction in Canada.
This is Aurora’s 3rd transaction in Ontario.

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M&A Deal Summary
Date	May 14, 2018
Target	MedReleaf
Sector	Life Science
Buyer(s)	Aurora
Deal Type	Add-on Acquisition
Deal Value	3.2B CAD
Advisor(s)	Canaccord Genuity (Financial) Stikeman Elliott Davies Ward Phillips & Vineberg (Legal)

Target Company

MedReleaf

Markham, Ontario, Canada

MedReleaf Corp. is an R&D-driven company provides cannabis. Sourced from around the world and carefully cultivated in one of two state of the art ICH-GMP and ISO 9001 certified facilities in Ontario, the Company delivers a variety of premium products for the global medical market and is committed to serving the therapeutic needs of its medical patients and providing a compelling product assortment for the adult-use recreational consumer.

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Buyer Overview 1

Buyer

Aurora

Edmonton, Alberta, Canada

Category	Company
Founded	2013
Sector	Life Science
Employees	1,073
Revenue	343M CAD (2025)

DESCRIPTION

Aurora is a producer of artisanal medical marijuana pursuant to the Marihuana for Medical Purposes Regulations. Aurora was founded in 2013 and is based in Edmonton, Alberta.

Deal Context for Buyer	#
Overall	7 of 13
Sector: Life Science	4 of 5
Type: Add-on Acquisition	7 of 12
State: Ontario	3 of 5
Country: Canada	6 of 10
Year: 2018	2 of 3

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2018-01-24	CanniMed Therapeutics Saskatoon, Saskatchewan, Canada CanniMed Therapeutics is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.	Buy	CA$1.1B

DATE

TARGET

DEAL TYPE

VALUE

2018-01-24

CanniMed Therapeutics

Saskatoon, Saskatchewan, Canada

CanniMed Therapeutics is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.

Buy

CA$1.1B

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2018-12-10	Farmacias Magistrales S.A. Mexico Farmacias Magistrales S.A. is an importer of raw materials containing THC, the active ingredient in marijuana. It will distribute medical cannabis products containing over 1 percent THC, apparently through health care professionals.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2018-12-10

Farmacias Magistrales S.A.

Mexico

Farmacias Magistrales S.A. is an importer of raw materials containing THC, the active ingredient in marijuana. It will distribute medical cannabis products containing over 1 percent THC, apparently through health care professionals.

Buy

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