Medicinal cannabis company Incannex Healthcare Ltd has finalised its acquisition of APIRx Pharmaceuticals in an all-scrip deal valuing APIRx at US$93.3 million with assistance from Thomson Geer.
Incannex, dual-listed on the ASX and NASDAQ, is a clinical stage pharmaceutical development company developing unique medicinal cannabis pharmaceutical products and psychedelic medicine therapies for the treatment of a range of disorders.
APIRx is an innovative biotechnology company focused on research, development and production of prescription pharmaceutical cannabinoid medicines.
The deal sees 22 active clinical and pre-clinical research and development projects transferred to Incannex, underpinned by an intellectual property portfolio of 19 patents and 23 pending patents. Incannex has one of the world’s largest portfolio of patented medicinal cannabinoid drug formulations and psychedelic treatment protocols.
Incannex CEO Joel Latham said in a statement that the acquisition of APIRx follows a long relationship with the founders of the company, Dr George Anastassov and Lekhram Changoer.
“After extensive due diligence and corporate strategy assessments of the APIRx assets, we are excited and readied to commence development activities over our newly acquired portfolio of drug candidates,” he said.
“We’re delighted to have been able to work with Incannex on this transformative deal that has allowed Incannex to grow its patent portfolio, expand its addressable markets globally and further enhance its technical and drug development capabilities,” David said.