Business
InMed Pharmaceuticals Signs Definitive Agreement to Acquire BayMedica, a Leading Commercial Manufacturer of Rare Cannabinoids
Establishes leadership position in manufacturing and commercialization of rare cannabinoidsPositions InMed within large and growing consumer health and
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Establishes leadership position in manufacturing and commercialization of rare cannabinoidsPositions InMed within large and growing consumer health and wellness cannabinoid marketsTransitions InMed into revenue generating company; acquires pipeline with numerous planned product launches VANCOUVER, British Columbia, Sept. 13, 2021 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the manufacturing and clinical development of rare cannabinoids, today announced that it has entered into a definitive agreement (“Definitive Agreement”) to acquire BayMedica Inc. (“BayMedica”), a private company based in the US that specializes in the manufacturing and commercialization of rare cannabinoids. The Definitive Agreement follows a previously signed letter of intent (the \"LOI\") announced on June 29, 2021. The transaction, which is subject to certain standard closing conditions, is expected to close in the coming weeks. Upon closing, InMed will become a global leader in the manufacturing of rare cannabinoids, with expertise in three distinct and complementary cannabinoid manufacturing approaches. InMed’s proprietary cannabinoid manufacturing process, IntegraSyn™, combined with BayMedica’s synthetic biology and chemical synthesis capabilities, will provide InMed with complete manufacturing flexibility to select the most appropriate, cost-effective method based on the target cannabinoid and appropriate quality specifications for the desired market segment. In parallel to cannabinoid manufacturing, the combined company will continue to explore the therapeutic potential of cannabinoids and novel cannabinoid analogs for pharmaceutical drug development, as well as expand commercial sales of rare cannabinoids to the consumer health and wellness sector. Revenues of BayMedica’s initial rare cannabinoid product, Prodiol® CBC (cannabichromene), have grown steadily since sales commenced in December 2019, with cumulative revenues in excess of US$2.5M. BayMedica leads the industry in large batch production of CBC with current batch sizes of more than 200kg and an ability to increase to metric ton quantities as market demand increases. BayMedica is focused on the wholesale to consumer health and wellness markets, including nutraceuticals, cosmetic, functional food and beverage, as well as animal health mar...