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InMed Pharmaceuticals looks to expand their cannabinoid pipeline with the acquisition of BayMedica.
InMed Pharmaceuticals, a company that specializes in the manufacturing and clinical development of rare cannabinoids, announced on Sept. 13, 2021, that they had entered into a definitive agreement to acquire fellow rare cannabinoid manufacturer, BayMedica.
According to a company press release, the intent behind this acquisition is to establish three distinct and complementary cannabinoid manufacturing approaches. InMed’s IntegraSyn, along with BayMedica’s synthetic biology and chemical synthesis capabilities, will provide manufacturing flexibility for the company going forward. The transaction also transitions InMed into a revenue-generating company.
“This is a transformative transaction for InMed,” said Eric A. Adams, president and CEO of InMed, in the press release. “This acquisition gives us a breadth of synthetic cannabinoid manufacturing capabilities to deliver high quality, cost-effective rare cannabinoids for any segment of the market from consumer-packaged goods to prescription pharmaceuticals.”
“The entire BayMedica team is very excited to join InMed,” said Shane Johnson, CEO of BayMedica, in the press release. “We look forward to advancing our manufacturing systems together, enabling us to bring additional rare cannabinoids to the market, and to leverage our technology and IP to directly contribute to InMed’s clinical development pipeline. The timing of this acquisition is ideal given our plans for several high value product launches.”
This agreement follows a previously signed letter of intent from June 29, 2021. The acquisition is expected to close within the upcoming weeks.
Source: InMed Pharmaceuticals