Pfizer is feeling lucky with its $6.7 billion cannabis acquisition

Pfizer, a New York-based Big Pharma company with a global portfolio that features vaccines and well-known pharmaceutical drugs – such as Viagra and Xanax – is preparing to make a bold entry into the legal cannabis industry. An investment of $6.7 billion accompanied Pfizer’s recent announcement about entering the medical cannabis market. This substantial contribution focuses on an up-and-coming cannabinoid-based bowel disease treatment that Pfizer could make some serious bank from. The agreement was secured with a signature from officials at the American multinational pharmaceutical and biotechnology corporation, which will collaborate alongside clinical-stage company Arena Pharmaceuticals to bring the cannabinoid product to market. Pfizer will pay $100 for each of Arena’s shares in an all-cash transaction; contingent on stockholder and regulatory approvals. A COVID-19 vaccine is currently being offered by the company— “BioNTech”. Company financial statements suggested that Pfizer, BioNTech and Moderna would generate pre-tax profits of $34 billion from the vaccinations in 2021. Who is Arena Pharmaceuticals?  A biotechnology company with a division devoted to the experimental creation of cannabinoid-type therapeutics, Arena Pharmaceuticals prides itself on its broad adoption of an oral solution called Olorinab (APD371). This complete agonist of the cannabinoid type 2 receptor (CB2) is designed to treat patients who endure stomach- and intestine-affecting diseases. Presently, Arena’s team are working hard to further develop the drug’s safety and efficacy in cases of gastrointestinal disorder-associated visceral pain. According to a statement published on Arena’s website, Olorinab is an “investigational drug and is not currently approved for use by any health authority.” Olorinab works by initiating a physical response when it binds with the CB2 receptor — one of two main receptors (the other being CB1) that bind to the body’s intricate cell-signaling system, the Endocannabinoid System (ECS). While plant-derived cannabinoids like tetrahydrocannabinol (THC) and cannabidiol (CBD) can each…

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Source : Pfizer is feeling lucky with its .7 billion cannabis acquisition

reposted by Cannabis News World

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