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- The acquisition brings together Canopy Growth’s medical business with Europe’s largest cannabinoid-based pharmaceuticals company. C3 is a leading manufacturer and distributor of dronabinol, a registered pharmaceutical drug in Germany, Austria, Switzerland, and Denmark.
- Dronabinol was the first cannabinoid product in Germany that could be prescribed by the country’s physicians. In 2018, C3 supplied approximately 19,500 patients in Germany with dronabinol, achieving a YOY increase of 85%. In 2018, C3 achieved sales of approximately €27.1 million (CDN$ 41.5 million) with cannabinoid products worldwide.
- Significant addition to the Company’s European infrastructure including a robust sales and marketing organization already serving pharmacies and healthcare practitioners.
- Provides existing production of pharmaceutical grade API (active pharmaceutical ingredient), both natural and synthetic THC and CBD, to support pharmaceutical sales growth and ongoing global clinical research programs. C3currently holds several patents related to cannabis including extraction technology and the synthetic production process and has several clinical trials underway.
“What this boils down to is greater choice,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “This acquisition will allow us to offer more options to physicians across Europe, accelerate our commercial sales and increase our economic footprint on the continent, and drive forward new innovations. Our goal is to build on C3’s extraordinary reputation and decades of success as we move to an innovative continuum of medical cannabis therapies that will enable physicians globally to better treat their patients.”
“We are committed to changing the conversation around cannabis-based therapeutics in Canada and around the world,” said Dr. Mark Ware, Chief Medical Officer, Canopy Growth. “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. Welcoming C3into our portfolio will help us put those tools in the hands of physicians and their patients in Germany and elsewhere across Europe.”
“In the last two decades, we’ve devoted ourselves to the research of cannabinoids and have developed a wide range of valuable cannabinoid compounds and related patents,” commented Professor Michael A. Popp, Owner and CEO, Bionorica SE. “Combining our knowledge, intellectual property, and reputation amongst clinicians and doctors in Germany, Austria, Switzerland, and Denmark with Canopy Growth’s expertise with natural full-spectrum medical cannabis products and ongoing clinical trials promises to better serve patients globally.”
- C3 operates two state-of-the-art manufacturing facilities specializing, respectively, in natural extraction and synthetic cannabinoid production. These facilities have grown over the past 12 months to meet the growing demand for dronabinol and are scheduled for further expansion this year to accommodate forecasted rapid growth in the business.
- In March 2017, Germany became the first country in the world to make dronabinol reimbursable. The prescription medicine is the first reimbursable cannabinoid agent in the country.
- C3’s senior management team includes; Dr. Josef Harrer, Head of Business Development and Medical Marketing at Bionorica ethics; Kristin Mann, Head of Marketing and Sales, Anna Urlacher, Chief Financial Officer, and Dr. Silvia Heise-Grubner, Head of Austrian operations. All four will continue to drive the business post-closing, accepting leadership roles in the Company.
Here’s to Future (Natural & Synthetic) Growth.
Source: Canopy Growth Corporation