Jazz Pharmaceuticals and GW Pharmaceuticals have entered into a definitive agreement for Jazz to acquire GW for $7.2 billion. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2021.
According to a Jazz press release, 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. GW is a developer and manufacturer of novel, regulatory approved therapeutics from its proprietary cannabinoid product platform to address a broad range of diseases.
The company’s lead product, Epidiolex® (cannabidiol or CBD) oral solution is approved in patients one-year and older for the treatment of seizures associated with Lennox-Gastaut Syndrome (LGS), Dravet Syndrome and Tuberous Sclerosis Complex (TSC)—all of which are rare diseases characterized by severe early-onset epilepsy. Epidiolex was the first plant-derived cannabinoid medicine ever approved by the U.S. Food and Drug Administration (FDA).
Beyond Epidiolex, GW has a scientific platform and innovative pipeline of CBD product candidates, as well as specialized manufacturing expertise, developed over two decades of cannabinoid science. This pipeline includes nabiximols, for which the company is in Phase 3 trials to seek FDA approval for treatment of spasticity associated with multiple sclerosis and spinal cord injury.
“Jazz is proud of our leadership position in sleep medicines and rapidly growing oncology business,” said Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals. “We are excited to add GW’s industry-leading cannabinoid platform, innovative pipeline and products, which will strengthen and broaden our neuroscience portfolio, further diversify our revenue, and drive sustainable, long-term value creation opportunities.”
