Written By Gerald Gekara | |
Pfizer is joining the medicinal marijuana sector, after banking on a cannabis-based bowel illness treatment firm.
Arena Pharmaceuticals, a clinical-stage business, signed an agreement with the biotechnology company to acquire a total ownership stake worth $6.7 billion.
According to the agreement, Pfizer will get all shares at $100 per share in an all-cash transaction.
Arena Pharmaceuticals has a cannabis-based medicines pipeline, with Olorinab (APD371) at the centre.
According to Arena Pharmaceuticals, Olorinab (APD371) is an experimental oral full agonist for the cannabis type 2 receptor.
According to a report, the goal is to use the medication to treat patients with stomach and bowel problems, although it has not been approved for use by any healthy body.
Email: uzalendonews24@gmail.com to submit your story.
SUBSCRIBE TO OUR YOUTUBE CHANNEL
