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Pfizer Enters the Medical Cannabis Market

The pharma giant will pay $6.7 billion to acquire a cannabinoid-based bowel disease treatment.

The cannabis industry is red hot with mergers and acquisitions, and the medical sector of the market is no exception. A recent Forbes article discussed Pfizer’s purchase of Arena Pharmaceuticals, a biotech company focused on cannabinoid-type therapeutics. They have a promising candidate in development called Olorinab, which is an investigational drug that treats the pain associated with diseases affecting the stomach and intestine.

Per the agreement, Pfizer will acquire all shares of Arena for $100 per share in an all-cash transaction. However, the deal is contingent on the receipt of regulatory approvals and approval of Arena’s stockholders. Also included in Arena’s portfolio are other non-cannabinoid drug pipelines that focus on the treatment of immuno-inflammatory diseases.

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