Canopy Growth Corporation announced that it has entered into an agreement to acquire the global cannabinoid-based medical researcher Beckley Canopy Therapeutics. This acquisition brings together Canopy's research program with the Beckley Canopy research platform which is partly owned by Canopy Growth in order to combine the best teams, programs, and clinical work all under a single strategic plan. The research arm in turn directly supports the commercial efforts of Spectrum Therapeutics around the world. As part of the acquisition, Canopy Growth also acquires the outstanding shares in Spectrum Biomedical UK, the commercial arm of the Company in the United Kingdom, as that market begins to develop into a commercially viable opportunity.
With the acquisition of C3, and Canopy Growth expanding research and development plans worldwide, the Company is solidifying its status as a truly global leader in cannabinoid research. Spectrum Therapeutics will leverage Beckley Canopy's intellectual property, accelerate its comprehensive research programs, build evidence around the Company's products and formulations and ultimately improve patient access to cannabinoid-based medicines globally.
"The acquisition of Beckley Canopy will allow Spectrum Therapeutics to continue expanding its medical cannabis leadership around the world, strengthening our foothold in the UK and more broadly across Europe – a region that wants to see stronger clinical evidence around cannabis-based medicines," said Mark Zekulin, CEO, Canopy Growth Corporation. "We're excited to continue working with the incredible management team at Beckley Canopy to accelerate our shared vision to create evidence-based cannabis formulations that will serve patients in need around the world."
Once the acquisition is complete, Beckley Canopy will be fully integrated into the current Spectrum Therapeutics platform and management team in Europe, a region of focus for the Company as policy surrounding medical cannabis and patient access continues to evolve. The leadership team at Beckley Canopy has demonstrated a strong track record of success in the short period since its inception, and the senior research team boasts a combined 75 years of pharmaceutical research globally.
The acquisition remains subject to certain regulatory approvals and closing conditions, and if satisfied, is expected to close within the next 60 days.
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