InMed Pharmaceuticals - Acquiring BayMedica

InMed has announced that it has entered into a definitive agreement to acquire BayMedica, a private US-based company that is focusing on the manufacture and commercialization of rare cannabinoids. This is an all-stock transaction in which InMed will issue 1.78m shares to BayMedica’s equity and convertible debt holders. At the current stock price, this values BayMedica at approximately US$4m. Following the closure of the transaction, the combined company will have expertise in both yeast and bacteria biosynthesis as well as chemical synthesis of cannabinoids. Additionally, it will be a commercial company with cumulative revenues of over US$2.5m since December 2019 stemming from the sale of cannabichromene (CBC). The acquisition is expected to close in the coming weeks.