Harmony Biosciences Holdings, Inc. has announced its plans to acquire Zynerba Pharmaceuticals, Inc., a leading company specializing in the development of transformative pharmaceutically-produced cannabinoid therapies for orphan neuropsychiatric disorders. This strategic move is part of Harmony’s vision to create a diverse range of innovative assets that cater to unmet medical needs.
The acquisition comes at a significant price, with Harmony set to pay $1.1059 in cash per share, amounting to a total of $60 million. Moreover, shareholders will also receive a non-tradeable contingent value right (CVR) for each share they own. This CVR grants them the potential to receive additional payments of up to $140 million.
Zynerba’s flagship product, Zygel, is a groundbreaking synthetic cannabidiol developed as a patent-protected gel for transdermal delivery. Currently, Zygel is undergoing a pivotal Phase 3 clinical trial to assess its efficacy in patients with Fragile X syndrome (FXS). Encouraging results have been observed in a Phase 2 trial involving patients with 22q11.2 deletion syndrome.
FXS is a rare genetic disorder impacting approximately 80,000 individuals in the United States. It is characterized by intellectual disabilities and behavioral challenges. At present, there are no FDA-approved treatments available for FXS patients. Zynerba’s innovative therapy offers a ray of hope for these individuals and their families.
The acquisition is expected to be concluded by the fourth quarter of 2023, pending the fulfillment of customary closing conditions. This move will further strengthen Harmony’s position in the pharmaceutical market and enhance its ability to meet the medical needs of orphan neuropsychiatric disorder patients.
With this strategic acquisition, Harmony Biosciences Holdings, Inc. demonstrates its commitment to developing and providing innovative solutions to address unmet medical needs in rare disorders. The integration of Zynerba Pharmaceuticals, Inc. and its pioneering transdermal cannabinoid therapy portfolio will undoubtedly bring new hope to patients suffering from orphan neuropsychiatric disorders, shedding light on potential treatment options where none currently exist.
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