Chain Bridge I CBRG announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal’s closure, slated for the fourth quarter of 2024.
Phytanix Bio’s Strategic Acquisition Overview
Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved cannabinoid-based medicines like Sativex and Epidiolex. With the acquisition, the newly formed entity will be listed on the Nasdaq under the ticker “PHYX”, encapsulating a shared vision for advancing therapeutic solutions for conditions with significant unmet medical needs.
The combined company, to be named…
