Canopy Growth Completes Previously Announced Acquisition Of Beckley Canopy Therapeutics
SMITHS FALLS, ON & LONDON —Canopy Growth Corporation (TSX:WEED, NYSE:CGC) (“Canopy Growth” or the “Company”) has closed the previously announced acquisition of all outstanding shares in the global cannabinoid based research company Beckley Canopy Therapeutics (Beckley Canopy), including the joint commercial venture Spectrum Biomedical UK. These teams will now be integrated into the broader Spectrum Therapeutics organization to increase the breadth of the clinical research being pursued under the Spectrum banner and to combine continental European and United Kingdom commercial teams.
As a part of the acquisition, Canopy Growth’s European management structure will evolve. Paul Steckler and Steven Wooding will assume the roles of Co-Managing Directors in charge of all European operations. Paul is a seasoned pharmaceutical executive with over 20 years’ experience in commercial roles, having worked in both large and small pharmaceutical companies including Pfizer. Steve has held multiple positions within a 27-year career at Janssen, the Pharmaceutical arm of Johnson & Johnson. Most recently, he was head of Global Commercial Strategy and Market Access for Janssen.
“The acquisition comes at a time when commercial opportunities across Europe are ramping up,” said Mark Zekulin, CEO, Canopy Growth. “Spectrum Biomedical has completed all necessary approvals to import cannabis into the UK market and is proud to facilitate patient access to safe cannabinoid-based medicines there. Consolidating our UK-based operations will allow Canopy to simultaneously improve its research and commercial capabilities across the continent.”
Beckley Canopy was formed as a joint venture in January 2018 between Beckley Research & Innovations (“BRI”) and Canopy Growth to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual property protection. The research platform combined European and North American-based leaders in cannabis research from BRI and Canopy Growth to create a strong and complementary UK-based European partnership. Since its inception, Beckley Canopy has made significant progress in its core research areas, added additional indications of interest, and worked closely and in a complementary fashion with the global Canopy research team.
Here’s to Future (European) Growth.
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