MIRA Pharmaceuticals Announces Board Approval of SKNY Acquisition Reflecting $60+ Million in Combined Enterprise Value Based on Independent Review

Rhea-AI Summary

MIRA Pharmaceuticals (NASDAQ: MIRA) has announced its Board's approval for the acquisition of SKNY Pharmaceuticals, with a combined enterprise value exceeding $60 million based on independent valuations. The merger, pending shareholder approval, includes a $5 million contribution from SKNY in cash or assets at closing. Moore Financial Consulting valued SKNY at $30.5 million and MIRA at $30 million. SKNY's lead compound, SKNY-1, targets both obesity and nicotine dependence through a novel mechanism modulating CB1/CB2 cannabinoid receptors and MAO-B. The acquisition positions MIRA in two high-growth markets: the global weight loss drug market (projected to exceed $150 billion by 2030) and the U.S. smoking cessation market (expected to reach $50.90 billion by 2030).

Positive

• Combined enterprise value of over $60 million strengthens market position
• Access to two high-growth markets: weight loss ($150B by 2030) and smoking cessation ($50.9B by 2030)
• SKNY-1's unique multi-target mechanism offers differentiated approach to obesity and nicotine dependence
• $5 million in cash/assets contribution from SKNY at closing

Negative

• Merger still requires shareholder approval from both companies
• Early-stage development status of SKNY-1 implies significant development risks
• Will face competition from established GLP-1 treatments in weight loss market

Insights

Pharmaceutical M&A Analyst

MIRA's acquisition of SKNY expands pipeline into obesity and addiction markets, adding $30.5M in enterprise value plus $5M cash.

MIRA Pharmaceuticals has secured board approval for its acquisition of SKNY Pharmaceuticals in a transaction that combines two similarly-sized enterprises with a total valuation exceeding $60 million. The independent valuation conducted by Moore Financial Consulting assigns $30.5 million to SKNY and $30 million to MIRA, providing third-party validation for the deal structure.

The strategic rationale centers on SKNY's lead compound SKNY-1, which targets the intersection of metabolic disorders and addiction through a multi-receptor mechanism. This novel approach potentially addresses two substantial markets: the global weight loss sector projected to reach $150 billion by 2030 and the U.S. smoking cessation market expected to grow from $28.11 billion to $50.9 billion during the same period.

Notably, SKNY will contribute $5 million in cash or assets at closing, strengthening the combined company's balance sheet. While the scientific approach targeting CB1/CB2 cannabinoid receptors and MAO-B modulation presents a differentiated mechanism from current GLP-1 therapies dominating the obesity market, investors should recognize that SKNY-1 appears to be in early development stages with limited disclosed clinical data.

The transaction still requires shareholder approval from both companies, representing a remaining hurdle before completion. This acquisition represents a pivotal expansion for MIRA beyond its current CNS-focused pipeline into metabolic and addiction therapeutics, diversifying its portfolio while maintaining a consistent focus on neurological mechanisms and receptor pharmacology.

With valuations confirmed by the board, MIRA advances strategic acquisition targeting obesity and nicotine dependence, which includes a $5 million contribution in cash or assets from SKNY to be transferred at closing.

MIAMI, FLORIDA / ACCESS Newswire / May 8, 2025 / MIRA Pharmaceuticals, Inc. (Nasdaq:MIRA) ("MIRA" or the "Company"), a clinical-stage pharmaceutical company developing novel therapeutics for neurologic, neuropsychiatric, and metabolic disorders, today announced that its Board of Directors has approved the planned acquisition of SKNY Pharmaceuticals, Inc. (the "Merger"), following the completion of independent valuation reports on both companies. The Merger remains subject to MIRA and SKNY's shareholder approval.

A third-party analysis conducted by Moore Financial Consulting ("Moore") assigned SKNY Pharmaceuticals an enterprise value of approximately $30.5 million, based on a risk-adjusted net present value (rNPV) of its lead compound, SKNY-1. MIRA was separately valued by Moore at $30 million, further validating the strength and synergy of the combined pipeline. As outlined in the previously announced binding letter of intent for the merger between MIRA and SKNY-1, upon the closing, SKNY must hold at least $5 million in cash or other assets, to be transferred at closing, and the Company is preparing a filing with the U.S. Securities and Exchange Commission to seek shareholder approval.

As MIRA advances this merger, the combined enterprise value (based on Moore's valuations) of over $60 million represents a strong platform for expansion into high-value therapeutic markets. According to MIRA CEO Erez Aminov, the acquisition "brings together two pipelines, two market opportunities, and one unified strategy, developing targeted, first-in-class therapies for urgent public health needs."

Targeting Major Markets with a Differentiated Mechanism

SKNY-1 is being developed as a next-generation oral therapeutic designed to modulate CB1 and CB2 cannabinoid receptors, as well as monoamine oxidase B (MAO-B)-an enzyme involved in dopamine metabolism and addiction regulation. This multi-target mechanism is being evaluated for its potential to address both metabolic dysfunction and nicotine dependence, providing a differentiated therapeutic alternative in two of the most urgent health markets globally.

• The global weight loss drug market is projected to surpass $150 billion by 2030, driven by growing demand for safer and more tolerable alternatives to GLP-1-based injectables (Source: Reuters).

• The U.S. smoking cessation market is projected to grow from $28.11 billion in 2024 to $50.90 billion by 2030, at a CAGR of 10.4% (Source: Grand View Research).

These are large, underserved markets with limited innovation, and MIRA's leadership believes the addition of SKNY-1 to the Company's pipeline enhances its ability to compete in both.

Dr. Itzchak Angel, Chief Scientific Advisor at MIRA, noted that SKNY-1's pharmacological profile, particularly its combined activity on both MAO-B and cannabinoid receptors, makes it a unique and promising candidate for craving, addiction and metabolic conditions with a sound neurochemical basis. "From a scientific perspective, this is a rationally designed molecule that addresses the biological complexity of both obesity and addiction," said Dr. Angel. "The early data are promising, and I'm looking forward to advancing its development."

Strategic Value for the Future

With both companies independently valued by Moore at approximately $30 million, MIRA believes this transaction creates a platform with scale, differentiated science, and a pipeline built to target urgent unmet needs. The Company views this merger as a foundation for long-term growth and innovation.

Additional information about MIRA Pharmaceuticals is available at www.mirapharmaceuticals.com.

Cautionary Note Regarding Forward-Looking Statements

This press release and the statements of MIRA's management related thereto contain "forward-looking statements," which are statements other than historical facts made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any statements in this press release that are not historical facts may be deemed forward-looking. Any forward-looking statements in this press release are based on MIRA's current expectations, estimates, and projections only as of the date of this release and are subject to a number of risks and uncertainties (many of which are beyond MIRA's control) that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including related to MIRA's potential merger with SKNY Pharmaceuticals, Inc. These and other risks concerning MIRA's programs and operations are described in additional detail in the Annual Report on Form 10-K for the year ended December 31, 2024, and other SEC filings, which are on file with the SEC at www.sec.gov and MIRA's website at https://www.mirapharmaceuticals.com/investors/sec-filings. MIRA explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

Contact Information

Helga Moya
info@mirapharma.com
(786) 432-9792

SOURCE: MIRA Pharmaceuticals

View the original press release on ACCESS Newswire

FAQ

What is the enterprise value of the MIRA and SKNY merger?

The combined enterprise value of the merger exceeds $60 million, with SKNY valued at $30.5 million and MIRA at $30 million, based on independent valuations by Moore Financial Consulting.

What markets will MIRA target with SKNY-1 after the acquisition?

SKNY-1 targets two major markets: the global weight loss drug market (projected to reach $150 billion by 2030) and the U.S. smoking cessation market (expected to reach $50.90 billion by 2030).

How does SKNY-1's mechanism of action work?

SKNY-1 works through a multi-target mechanism that modulates CB1 and CB2 cannabinoid receptors and MAO-B (monoamine oxidase B), targeting both metabolic dysfunction and nicotine dependence.

What conditions must be met for the MIRA-SKNY merger to complete?

The merger requires shareholder approval from both MIRA and SKNY shareholders, and SKNY must contribute $5 million in cash or assets at closing.

What is the strategic rationale behind MIRA's acquisition of SKNY?

The acquisition combines two pipelines targeting urgent public health needs, providing MIRA with access to high-value therapeutic markets in obesity and smoking cessation with a differentiated therapeutic approach.