Jazz Pharmaceuticals to Buy GW Pharmaceuticals for $7.2 Billion

Jazz Pharmaceuticals is set to acquire GW Pharmaceuticals, a UK drugmaker known for its cannabidiol (CBD) products Epidiolex (cannabidiol) and Sativex (nabiximols), for a whopping $7.2 billion.

Sativex, a cannabis extract administered orally as a spray, received UK approval in 2010 for treatment of multiple sclerosis symptoms. The product is currently going through phase 3 trials to support FDA approval for treating spasticity associated with multiple sclerosis and spinal cord injury.

The acquisition also includes other cannabinoid product hopefuls in trials for autism and schizophrenia.