InMed Pharmaceuticals Inc. (INM) stock prices remained unchanged at a price per share of USD$1.47 on October 13th, 2021. Subsequent premarket fluctuations have seen the stock rise by 8.84%, bringing it up to USD$1.60.
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INM Stock Acquires BayMedica
October 13th, 2021 saw INM stock announce the completion of its previously announced acquisition of BayMedica. BayMedica is a private, US-based company that focuses on the manufacturing and commercialization of rare cannabinoids for the health and wellness sector. The company will be focusing on corporate integration over the upcoming weeks, as well as adjusting to the combined manufacturing resources at their disposal. The partnering company will complement INM with its expertise, helping to strengthen pharmaceutical drug development efforts. With these developments, the company hopes to establish itself as a global leader in the manufacturing of rare cannabinoids.
Details of the Transaction
INM stock acquired BayMedica in its entirety in exchange for 2.06 million common shares of the company’s common stock. These shares were issued to BayMedica’s equity and convertible debt holders, which will be subject to a six-month contractual hold period. The transaction was initially announced to include the issuance of Series A and Series B warrants to acquire 1.6 million common shares. This component has since been replaced with cash in the amount of USD$1 million. The total sum of cash consideration will be held in escrow, wherein it will be subject to cancellation. It will be held in escrow until the satisfaction of certain potential post-closing indemnification and other claims that the company is entitled to as per the agreement in the six- and twelve-month periods following the closing of the transaction.
InMed Pharmaceuticals is a global leader in the manufacturing and development of rare cannabinoids, which it has complemented with the acquisition of BayMedica. Resultingly, the combined company has unmatched cannabinoid manufacturing capabilities which it will leverage to serve a spectrum of consumer markets. These markets include the pharmaceutical, and health and wellness spaces.
Future Outlook for INM Stock
INM stock is poised to capitalize on the expanded scope of opportunities at its disposal as a result of its acquisition of BayMedica. The company is keen to push for the accelerated discovery and development of innovative cannabinoids. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value over the long term.