Harmony Biosciences Set to Acquire Zynerba Pharmaceuticals for $60M
Deal includes potential additional payments of up to $140 million.
Harmony Biosciences has revealed a definitive agreement to obtain Zynerba Pharmaceuticals, a company focused on pharmaceutically produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, including Fragile X syndrome (FXS). Under terms of the agreement, Harmony will purchase Zynbera for an upfront amount of $60 million, with the potential to receive up to $140 million pending achievement of certain clinical, regulatory and sales milestones.
Zygel, Zynerba’s lead asset, is currently the only pharmaceutically manufactured, synthetic cannabidiol, a non-euphoric cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system. Manufactured synthetically in a current good manufacturing practice (cGMP) facility, the treatment is not extracted from cannabis plants, resulting in an absence of THC.
“This is an important step in Harmony’s strategy to build a diversified portfolio of innovative assets to address unmet medical needs and drive our long-term growth. This acquisition affords us the opportunity to advance the development and delivery of a potentially transformative treatment for the symptoms of Fragile X syndrome and other rare neuropsychiatric disorders,” said Jeffrey M. Dayno, MD, president, CEO, Harmony Biosciences, in a company press release. “In addition to the strength of our core business in narcolepsy and our current life cycle management programs, led by idiopathic hypersomnia, we are excited to continue to diversify our portfolio beyond sleep/wake by adding Zynerba’s clinical development programs to our pipeline. The team at Zynerba has been dedicated to these programs and we are confident that our combined efforts could have a profound impact on individuals living with rare neuropsychiatric disorders and their families.”
Reference: HARMONY BIOSCIENCES TO ACQUIRE ZYNERBA PHARMACEUTICALS, INC. Zynerba. August 14, 2023. Accessed August 17, 2023. https://www.zynerba.com/harmony-biosciences-to-acquire-zynerba-pharmaceuticals-inc/
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