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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Cannabidiol, or CBD, is an active compound found in cannabis plants. Pramote Polyamate/ Getty Image
Jazz Pharmaceuticals is buying drugmaker GW Pharma in a blockbuster $7.2 billion deal.
Jazz is paying a 50% premium for GW, a signal of the biotech s bullishness on cannabis-based treatments.
GW produces Epidiolex, an epilepsy drug derived from cannabis. It s the only FDA-approved drug containing CBD.
Jazz Pharmaceuticals is making a $7.2 billion bet on the future of medical cannabis.
The drugmaker said on Wednesday it will acquire GW Pharma, the maker of CBD-based epilepsy treatment Epidiolex, in a cash-and-stock deal. It s the largest cannabis-industry deal so far.
Jazz Pharma to buy GW Pharma for $7.2 bln, adding cannabis-based drug to portfolio
By Ankur Banerjee, Shariq Khan and Rebecca Spalding
Reuters
(Reuters) - Jazz Pharmaceuticals Plc said on Wednesday it had agreed to buy GW Pharmaceuticals plc in a $7.2 billion cash-and-stock deal which will bolster its neuroscience business with the addition of a cannabis-based epilepsy treatment.
GW Pharma s Epidiolex, the first marijuana-derived drug to be approved in the U.S., generated sales of over $500 million for the U.K.-based company last year. Analysts expect sales to breach $1 billion soon.
The drug was approved in June 2018 for use in patients aged two years and older with rare childhood-onset forms of epilepsy that are among the most resistant to treatment.
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Streetwise Reports (2/3/21) Shares of GW Pharmaceuticals reached a new 52-week high after the company reported it agreed to be acquired by Jazz Pharmaceuticals in a combination cash and stock deal for $220.00 per share.
Biopharmaceutical firm GW Pharmaceuticals Plc (GWPH:NASDAQ), which utilizes its proprietary cannabinoid product platform to develop and commercialize new medicines across a broad range of disease areas, and global biopharmaceutical company Jazz Pharmaceuticals Plc (JAZZ:NASDAQ), announced that the companies have entered into a definitive agreement for Jazz Pharmaceuticals to acquire GW Pharmaceuticals.
The companies stated that the combined company will be a leader in neuroscience with a global commercial and operational footprint well positioned to maximize the value of its diversified portfolio.