FSD Pharma Inc. (CSE: HUGE), a Canadian-based cannabis company, has acquired Prismic Pharmaceuticals Inc. a specialty pharmaceutical company focused on novel non-addictive prescription drugs for the treatment of pain, inflammation and neurological disorder.
The transaction cost approximately $17.5 million, but FSD gains Prismic’s worldwide licensing rights to a patent-protected form of palmitoylethanolamide, which can increase the effectiveness while lowering the dosage amount for non-addictive prescription drugs. That lines up well FSD’s cannabinoid product portfolio. It’s a step closer to FSD’s goal of creating a platform that advances research and development of FDA-approved applications of synthetic cannabinoids.
With Purdue Pharma and other pharmaceutical giants under public scrutiny for their role in the opioid crisis, it’s no surprise we’re seeing trends to move away from potential addictive prescription drugs. In March, Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX), a specialty pharmaceutical company, bought MyoScience, Inc. for $120 million. Myoscience designed the iovera system, an FDA-approved non-opioid treatment to block pain and relieve the pain and symptoms associated with osteoarthritis of the knee. Perhaps in the second quarter, we’ll see more deals across the sectors looking to find alternatives to opioids.
