Jazz Pharmaceuticals to Acquire GW Pharmaceuticals for $7.2 Billion

Jazz Pharmaceuticals announced on Feb. 3, 2021 that it will acquire GW Pharmaceuticals, a UK-based biopharmaceutical company, for $7.2 billion.

Under the terms of the agreement, Jazz will gain access to GW’s novel cannabinoid platform including Epidiolex, a plant-derived cannabinoid medicine for the treatment of high-growth childhood-onset epilepsy, Jazz said in a company press release. Together, the companies plan to combine their portfolios to form a pipeline of 19 clinical development programs across neuroscience and oncology, including in sleep, epilepsy, movement disorders, psychiatry, hematology, and solid tumors.

"Jazz is proud of our leadership position in sleep medicines and rapidly growing oncology business. 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," said Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals, in the press release. "We are joining two teams that share a passion for, and track record of, developing differentiated therapies that advance science and transform the lives of patients. This will help facilitate a successful integration and bring added capabilities to Jazz. Given the strength of our balance sheet and the meaningful financial drivers of the transaction, we are confident in the value we can deliver to both companies' shareholders and patients. We look forward to welcoming the GW team to Jazz to build an even stronger company."

"Over the last two decades, GW has built an unparalleled global leadership position in cannabinoid science, including the successful launch of Epidiolex, a breakthrough product within the field of epilepsy, and a diverse and robust neuroscience pipeline. We believe that Jazz is an ideal growth partner that is committed to supporting our commercial efforts, as well as ongoing clinical and research programs," added Justin Gover, CEO of GW Pharmaceuticals, in the press release. "We have a shared vision of developing and commercializing innovative medicines that address significant unmet needs in neuroscience and an approach of putting patients first. Together, we will have an opportunity to reach and impact more patients through a broader portfolio of neuroscience-focused therapies than ever before."

Source: Jazz