Tuesday, September 27, 2022
HomeBusinessDr Reddy's Laboratories to acquire medicinal cannabis firm Nimbus

Dr Reddy’s Laboratories to acquire medicinal cannabis firm Nimbus

Nimbus Health, a privately held, licensed pharmaceutical distributor based in Germany that specialises in medicinal cannabis will be taken over by Dr Reddy’s. Dr. Reddy’s will pay an upfront payment plus performance and milestone-based earn-outs over the next four years to purchase Nimbus Health.

Dr Reddy’s will be able to expand on Nimbus Health’s capabilities and deliver medical cannabis-based medications as a potential therapy option for patients as a result of the purchase, according to the company.

“Medical cannabis is rapidly being used to address and treat unmet medical needs, particularly in the areas of pain management and the central nervous system. Furthermore, we feel that this is a must-be sector for future healthcare delivery, given the multiple research being undertaken to leverage and introduce medicinal cannabis “Patrick Aghanian, the Head of European Generics at Dr Reddy’s, made the observation.

According to Dr Reddy’s, Nimbus will operate as a wholly-owned subsidiary. With the legalisation of medicinal cannabis by the German Parliament in 2017, demand for medical cannabis has risen in recent years. Germany’s medicinal cannabis industry is now worth 122 million euros, with a projected 25% increase in 2021 over 2020, making it one of Europe’s largest marketplaces.

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