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UK: Bayer and GW extend cannabis drug deal to Canada

Reuters

Thursday 06 Nov 2003

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LONDON, Nov 6 (Reuters) - British biotech firm GW Pharmaceuticals Plc , the
developer of a cannabis-based pain-relief drug, said on Thursday it had
signed an agreement with Germany's Bayer to market the medicine in Canada.

GW said the deal with Bayer, which had already bought exclusive British
marketing rights to the drug, was worth up to 7.75 million pounds ($13
million), plus a significant share of drug sale revenues.

GW's Sativex, which is sprayed in the mouth, is being assessed by Britain's
medicines regulator, and GW said it had begun talks with the Canadian
equivalent.

Shares in GW lifted on the news, gaining 4.5 percent by 0850 GMT to 209.5p,
valuing the firm at about 236 million pounds.

 

 

 

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