Jazz Pharma to Buy Cannabinoid-Drug Maker for $7.2 Billion
GW is a developer of cannabinoid-based medications for cancer pain, multiple sclerosis and other conditions. Photographer: Jason Alden/Bloomberg

Jazz Pharma to Buy Cannabinoid-Drug Maker for $7.2 Billion

By Timothy Annett and Tiffany Kary February 3, 2021, 4:50 AM PST Updated on February 3, 2021, 7:25 AM PST

Jazz Pharmaceuticals Plc has agreed to acquire GW Pharmaceuticals Plc, maker of the first drug derived from the cannabis plant to win approval in the U.S., for $7.2 billion in cash and stock.

The price amounts to a premium of about 50% over Cambridge, England-based GW’s closing price on Tuesday. GW’s U.S.-traded shares gained as much as 49% in Wednesday trading, and Jazz shares declined 3.7%.

Under the terms of the proposed transaction, Jazz will pay $220 per GW American depositary receipt, in the form of $200 in cash and $20 in Jazz common stock, according to a statement from the companies.

...

Excerpt only …

READ MORE BELOW

Source : Bloomberg

Link to original : Jazz Pharma to Buy Cannabinoid-Drug Maker for $7.2 Billion

Disclosure: This article may contain affiliate links. This means that we may earn a certain fee for any purchases made through the link without any extra cost to you.

No stories found.
Veed.Online
veed.online