The C$342.9 million deal offers Ontario-based company an avenue into European prescription medicine and gives it access to nearly 20 years of intellectual property and research.
The stock slipped 0.6% to US$50.33.
C3 is Europe’s largest cannabinoid-based pharmaceutical company and is backed by herbal medicine giant Bioronica SE. It’s also a distributor of dronabinol, the first drug wit concentrations of THC that doctors in German could legally prescribe.
"What this boils down to is greater choice," Chairman and Co-CEO Bruce Linton said. "This acquisition will allow us to offer more options to physicians across Europe, accelerate our commercial sales and increase our economic footprint on the continent, and drive forward new innovations."
Dronabinol is used to treat nausea and vomiting that resists other treatments in oncology as well as for cancer pain. Adding the drug to Canopy’s portfolio allows its medical arm, Spectrum Cannabis, to expand its offerings.
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