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The biopharmaceutical company Jazz Pharmaceuticals (NASDAQ:JAZZ), has finalized the acquisition of the cannabinoid drug company GW Pharmaceuticals plc. (NASDAQ:GWPH).
The transaction, previously announced in February, was recently approved by GW Pharmaceuticals shareholders.
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The Jazz-GW Pharma Deal: Under the terms of the agreement, the Ireland-based company agreed to purchase the producer of the FDA‑approved prescription cannabidiol drug Epidiolex for $7.2 billion or $6.7 billion net of GW Pharma's cash.
Holders of GW ADSs, with each representing 12 GW ordinary shares, would obtain $220 for each GW ADS, including $200 in cash and $20 in Jazz ordinary shares. In addition, each GW ADS is equal to 0.12036 Jazz ordinary share.
Chris Tovey, who has been serving as chief operating officer of GW since 2012, opted to join Jazz's executive management as executive vice president, chief operating officer and managing director of Europe and international.
What It Means For Jazz: The acquisition brings Epidiolex — a cannabidiol oral solution approved for patients one year and older to treat seizures associated with Lennox-Gastaut syndrome, Dravet syndrome, and tuberous sclerosis complex — into Jazz's portfolio.
In 2020, Epidiolex, which represents a third high-growth commercial franchise for Jazz, exceeded $500 million in annual net sales.
"The addition of GW further diversifies our commercial portfolio and innovative pipeline with therapies that are complementary to our existing business," Jazz Pharmaceuticals Chairman and CEO Bruce Cozadd said Wednesday.
What's Next: The combined company is expected to generate double-digit revenue growth over the next period.
"We look forward to building an even stronger company together and are excited about the greater impact we will continue to drive for patients, customers, and shareholders," Cozadd added.
JAZZ Price Action: Jazz shares were trading down 1.91% at $167.56 at last check Thursday.
Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.