On August 14, Harmony Biosciences Holdings, Inc. announced that it acquired Zynerba Pharmaceuticals, Inc. for $60 million. According to data captured in the LevinPro HC database, this transaction marks the 66th Pharmaceuticals acquisition of 2023.
Zynerba Pharmaceuticals is a leader in innovative pharmaceutically produced, synthetic transdermal cannabidiol therapies for orphan neuropsychiatric disorders, including Fragile X syndrome. Zynerba’s lead asset, Zygel, is the first pharmaceutically manufactured, synthetic cannabidiol, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.
Harmony Biosciences is a pharmaceutical company that specializes in developing and delivering treatments for rare neurological diseases. It was founded in 2017. For the three months ending on June 30, 2023, the company reported net product revenues of $134.2 million.
Under the terms of the definitive agreement, Harmony will acquire all outstanding shares of Zynerba for $1.1059 per share in cash, or $60 million in the aggregate, plus one non-tradeable contingent value right per share, representing the right to receive potential additional payments of up to $140 million in the aggregate.
This transaction expands Harmony Biosciences’ pipeline by adding Zynerba clinical development programs. Harmony will fund the transaction from its existing cash on hand, which totaled $429.6 million as of June 30, 2023.
