Canada’s Canopy Growth Corp. agreed to purchase C³ Cannabinoid Compound Co., Germany in an all-cash, transatlantic deal for about $251 million (€225.9 million), the companies announced Monday, May 6.
C³, Neumarkt, Germany, makes CBD-based medicines and operates two manufacturing facilities that specialize in both natural extraction and synthetic cannabinoid production. C³’s main product is dronabinol, a compound with standardized concentrations of THC available in Austria, Denmark and Germany. Dronabinol is prescribed for chronic pain and for conditions in palliative care.
C³ has a total of five medicines in the market that generated $30.3 million (€27.1 million) in sales last year.
The acquisition continues Canopy Growth’s expansion into European prescription medicine markets and gives the company access to C³’s intellectual property. The company has been around for nearly two decades of research and development into synthetic and natural cannabis medical products.
Goal: ‘Change conversation’
“We are committed to changing the conversation around cannabis-based therapeutics in Canada and around the world,” said Mark Ware, Canopy Growth’s Chief Medical Officer. “To do that, we need a diverse toolbox of therapies that can be used by physicians who see the potential of the complete spectrum of cannabinoid-based medicines.”
C³ Cannabinoid Compound Company was founded in 2014 by Bionorica SE, a producer of herbal medicines, as a holding company for two entities, Bionorica ethics and THC Pharm; both of whom have been conducting R&D on the therapeutic potential for THC and CBD.
C3’s current management is expected to stay on with the business, the partners said.