Canopy Growth Corporation has entered into an agreement to acquire Beckley Canopy Therapeutics, a global cannabinoid-based medical researcher company.
The acquisition combines Canopy Growth’s own research program with the Beckley Canopy research platform, which is partly owned by Canopy Growth.
The acquisition aims to combine the best teams, programs and clinical work under a single strategic plan.
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.
Spectrum Therapeutics, a Canopy Growth company, will leverage Beckley Canopy’s intellectual property, accelerate its research programs, build evidence around the company’s products and formulations and aims to 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 of 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.”
Beckley Canopy origins
The research company was created in January 2018 between Beckley Research & Innovations and Canopy Growth to research and develop clinically-validated cannabis-based medicines, with a strong focus on intellectual property protection. The research platform combined European and North American-based leaders in cannabis research from BRI and Canopy Growth to create a UK-based European partnership.
Since its creation, Beckley Canopy has made significant progress in three initial areas of research, namely cancer pain, opioid sparing and smoking cessation, with further research in progress.
The acquisition remains subject to regulatory approvals and closing conditions. If those conditions are met, the deal is expected to close within the next 60 days.
Once the acquisition is complete, UK company 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.