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InMed Pharmaceuticals (INM): Acquiring BayMedica

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LONDON, UK / ACCESSWIRE / September 20, 2021 / 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.

We have adjusted our valuation to US$242m or US$20.03 per basic share, from US$236m or US$29.27 per basic share. The total valuation rose due to higher net cash following a US$12m (gross) calendar Q221 financing, while the per-share value decreased due to a higher number of shares outstanding.

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https://www.accesswire.com/664736/InMed-Pharmaceuticals-INM-Acquiring-BayMedica

InMed Pharmaceuticals Inc

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Research and Development in Biotechnology (except Nanobiotechnology)
Professional, Scientific, and Technical Services
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Health Technology, Biotechnology, Manufacturing, Pharmaceutical Preparation Manufacturing
Canada
Vancouver

About INM

inmed is a clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. inmed's proprietary platform technology, product pipeline and accelerated development pathway are the fundamental value drivers of the company.