Mangoceuticals (MGRX) said Friday it has signed an agreement to acquire the intellectual property and related assets of Canada-based pouch innovation firm Smokeless Technology.
Financial terms of the transaction were not disclosed.
The acquisition will allow Mangoceuticals to expand into the oral pouch delivery market and will also cover Smokeless Technology's product formulations, know-how, distribution and supplier relationships, Mangoceuticals said.
The company said it plans to integrate Smokeless Technology's stimulant formulations with pharmaceutical ingredients to be sold under its MangoRx and PeachesRx brands.
Mangoceuticals shares were down more than 11% in recent premarket activity.
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