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Canopy Growth Acquires German Cannabinoid Company C3 for EUR 225m.

MANews-(C)2009-2019

6 May 2019 - Canada-based cannabis company Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) has acquired Germany based, Bionorica SE-founded C3 Cannabinoid Compound company for EUR 225.9m (CDN342.9m) (USD 252.5m) to combine Canopy Growth's medical business with Europe's largest cannabinoid-based pharmaceuticals company, the company said.

The all cash-acquisition furthers Canopy Growth's expansion into European markets with prescription medicines and gives the company immediate access to a wealth of knowledge and intellectual property that C3 has developed in its nearly 20 years of research and development into synthetic and natural cannabis medical products.

C3's clinical research programmes currently underway are expected to complement Canopy Growth's own clinical activities and provide data that could potentially be applied to emerging product lines, enhancing the company's prospects for bringing new approved products to market sooner.

Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) is a diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth offers medically approved vaporisers through the company's subsidiary, Storz and Bickel GMbH and Co. KG.

C3 Cannabinoid Compound Company is a manufacturer and distributor of dronabinol, a registered pharmaceutical drug in Germany, Austria, Switzerland, and Denmark.

The CA[sup.3] Cannabinoid Compound Company was founded in 2014 by Bionorica SE, a producer of herbal medicines, as a holding company for the companies Bionorica ethics and THC Pharm.

Country: Germany

Sector: Pharmaceuticals

Target: C3 Cannabinoid Compound Company

Buyer: Canopy Growth Corp

Vendor: Bionorica SE

Deal size in USD: 252.5m

Type: Corporate Acquisition

Financing: Cash

Status: Agreed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:4EUGE
Date:May 6, 2019
Words:265
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