Canada’s Canopy Development Corp. agreed to obtain C³ Cannabinoid Compound Co., Germany in an all-money, transatlantic deal for about $251 million (€225.9 million), the firms announced Monday, May well six.
C³, Neumarkt, Germany, tends to make CBD-primarily based medicines and operates two manufacturing facilities that specialize in each organic extraction and synthetic cannabinoid production. C³’s major item is dronabinol, a compound with standardized concentrations of THC offered in Austria, Denmark and Germany. Dronabinol is prescribed for chronic discomfort and for circumstances in palliative care.
C³ has a total of 5 medicines in the market place that generated $30.three million (€27.1 million) in sales final year.
The acquisition continues Canopy Growth’s expansion into European prescription medicine markets and provides the business access to C³’s intellectual home. The business has been about for practically two decades of study and improvement into synthetic and organic cannabis healthcare solutions.
Target: ‘Change conversation’
“We are committed to altering the conversation about cannabis-primarily based therapeutics in Canada and about the planet,” stated Mark Ware, Canopy Growth’s Chief Healthcare Officer. “To do that, we want a diverse toolbox of therapies that can be employed by physicians who see the possible of the comprehensive spectrum of cannabinoid-primarily based medicines.”
C³ Cannabinoid Compound Business was founded in 2014 by Bionorica SE, a producer of herbal medicines, as a holding business for two entities, Bionorica ethics and THC Pharm each of whom have been conducting R&D on the therapeutic possible for THC and CBD.
C3’s present management is anticipated to remain on with the organization, the partners stated.