Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Pure Multi-Family REIT LP (RUF.UN-X) says it has initiated a formal process to explore the potential sale of the REIT and is rejecting a takeover offer from Electra America saying its proposals “undervalue Pure Multi-Family’s high quality portfolio.”
In a release after markets closed on Thursday, the REIT said it has “communicated with Electra since its initial proposal and the board, on the recommendation of the special committee after receiving advice from its financial and legal advisors, determined that it was in the best interest of unitholders to reject the proposals.”
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Granite Real Estate Investment Trust (GRT.UN-T; GRP.U-N) says it recently acquired two properties for US$74.1-million.
“Consistent with Granite’s strategy, these acquisitions in the U.S. will further reduce Granite’s Magna concentration from 61 per cent to 59 per cent based on gross leasable area and are a step towards replacing the revenue from properties that were sold earlier in the year,” Michael Forsayeth, Granite’s CEO, said in a release.
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Uranium Participation Corp. (U-T) recorded an unrealized net loss on investments in uranium of $10.9-million in the fourth quarter ended Feb. 28 and a net loss for the period of $16.5-million. “The unrealized net loss on investments in uranium was predominantly driven by the decrease in the spot price of uranium,” the company stated.
The results compared to an unrealized net gain on investments in uranium of $74.1-million and a net gain of $73.8-million in the same period a year earlier, the company said.
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Cipher Pharmaceuticals Inc. (CPH-T) says it has acquired from Aclaris Therapeutics, Inc. (ACRSQ) the exclusive Canadian rights to distribute and commercialize A-101 40% topical solution, an FDA-approved product indicated for the treatment of raised seborrheic keratoses.
“Upon approval, we look forward to offering A-101 40% to dermatologists and their patients as a treatment that can clear raised SKs without cutting, burning or freezing the skin,” said Robert Tessarolo, CEO of Cipher. “This transaction, our fourth in 2018, delivers on our commitment to bringing innovative therapies to market that address significant unmet needs.”
Under the terms of the licensing agreement, Aclaris will receive an upfront payment of US$1-million and, upon achievement of certain milestone events, additional regulatory and commercial milestone payments, as well as royalties from product sales in Canada.
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Agellan Commercial Real Estate Investment Trust (ACR-UN-T) says it’s buying seven light industrial properties located in Dallas, Texas for US$12.2-million.
“The Dallas/Fort Worth industrial market is the fifth largest industrial market in the U.S. and the REIT expects to benefit from its extensive knowledge and experience in several Houston sub-markets,” said CEO Frank Camenzuli, in a release.