Canadian cannabis grower FSD Pharma has signed a letter of intent to acquire Therapix Biosciences for $48 million, the company said. Therapix has licensed intranasal cannabinoid delivery technology from Yissum Research Development Company, which is the technology transfer company for Hebrew University, and cannabinoid researcher Raphael Mechoulam of Hebrew University chairs the company’s scientific advisory board.
FSD Pharma Co-founders and Directors Anthony Durkacz and Zeeshan Saeed said, “We are very pleased to announce our intention to acquire Therapix Biosciences. Their concerted efforts to advance the scientific work of Professor Rafael Mechoulam speaks for itself. It is a huge step forward in realizing our vision and mission to become a leading global player in cannabinoid based pharmaceuticals, medicinal marijuana in addition to the recreational use of cannabis.”
FSD Pharma Director Raza Bokhari, commented “The intended acquisition of Therapix Biosciences at this time is a pivotal step in the evolution of our company by entering the high-value medical cannabis market. . . . With this acquisition, FSD Pharma is signaling our commitment to furthering very high-value pharmaceutical R&D clinical programs centered on cannabinoid molecules . . . .”
Therapix Chairman and Interim CEO Ascher Shmulewitz said, “Our research at Therapix is focused on a multifaceted, clinical drug development program that is poised to potentially yield novel, breakthrough therapeutic discoveries to benefit mankind and medicine in ways we have never before seen. We are excited to join FSD Pharma to be part of one of the fastest growing, most forward-thinking companies in this sector.”
Read the FSD Pharma press release.
