InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing and clinical development of rare cannabinoids, has signed a definitive agreement to acquire BayMedica Inc., a private, U.S.-based company that specializes in the manufacturing and commercialization of rare cannabinoids. According to the announcement, the acquisition is expected to be final in the coming weeks, subject to standard closing conditions. The strategic move is designed to firmly establish INM as a leader in the manufacturing and commercialization of rare cannabinoids as well as strengthen the company’s position within growing consumer health and wellness cannabinoid markets. The acquisition includes BayMedica’s pipeline and several planned product launches, which will help InMed transition into a revenue-generating company. With the acquisition, InMed anticipates becoming a global leader in the manufacturing of rare cannabinoids, with expertise in three distinct and complementary cannabinoid manufacturing approaches. The company anticipates that its proprietary cannabinoid manufacturing process, IntegraSyn(TM), combined with BayMedica’s synthetic biology and chemical synthesis capabilities, will provide flexibility to choose the most appropriate, cost-effective manufacturing method based on the cannabinoid and appropriate quality specifications for the desired market segment. “This is a transformative transaction for InMed,” said InMed president and CEO Eric A. Adams 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 (CPG) to prescription pharmaceuticals. . . . This transaction transforms InMed into a revenue-generating company, providing tangible value for our shareholders. BayMedica has demonstrated a rapid increase in sales since initiating commercialization, and we expect to grow these revenues considerably in the short-to-medium term. We believe this segment of the industry is reaching an inflection point as commercial viability is being achieved as well as increased awareness and appreciation for bio-identical, synthetically produced cannabinoids.”
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic benefits of cannabinol (“CBN”); the company is developing IntegraSyn(TM) to produce pharmaceutical-grade cannabinoids. INM is dedicated to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based medicines. For more information, please visit www.InMedPharma.com.
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