InMed Pharmaceuticals (INM): Acquiring BayMedica
LONDON, UK / ACCESSWIRE / September 20, 2021 / InMed has announced that it has entered into a definitive agreement to acquire BayMedica, a private US-based company that is focusing on the manufacture and commercialization of rare cannabinoids. This is an all-stock transaction in which InMed will issue 1.78m shares to BayMedica’s equity and convertible debt holders. At the current stock price, this values BayMedica at approximately US$4m. Following the closure of the transaction, the combined company will have expertise in both yeast and bacteria biosynthesis as well as chemical synthesis of cannabinoids. Additionally, it will be a commercial company with cumulative revenues of over US$2.5m since December 2019 stemming from the sale of cannabichromene (CBC). The acquisition is expected to close in the coming weeks.
We have adjusted our valuation to US$242m or US$20.03 per basic share, from US$236m or US$29.27 per basic share. The total valuation rose due to higher net cash following a US$12m (gross) calendar Q221 financing, while the per-share value decreased due to a higher number of shares outstanding.
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