Jan 30 (Reuters) - Tetra Bio Pharma Inc TBP.V :
* TETRA BIO-PHARMA ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE PANAG PHARMA INC
* WOULD ACQUIRE 100 PCT OF ISSUED AND OUTSTANDING SHARES OF PANAG FOR AN AGGREGATE CONSIDERATION OF $12 MILLION
* AFTER CLOSING OF PROPOSED DEAL, IT IS EXPECTED THAT PANAG WILL REMAIN A SEPARATE SUBSIDIARY OWNED 100% BY TETRA
* PURCHASE PRICE WOULD BE PAYABLE BY CO DELIVERING TO VENDORS, WOULD BE $3MLN IN CASH, $9MLN IN COMMON SHARES OF CO