Pharmaceutical Giant Acquires German Distributor Nimbus Health
Rua Bioscience (NZX: RUA) is pleased to share the news that multi-national pharmaceutical company Dr Reddy's Laboratories Ltd (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) today announced it has entered into a definitive agreement to acquire Nimbus Health GmbH (Nimbus Health). Rua Bioscience was the first New Zealand company to announce a binding export agreement with the reputable distributor in Germany and is Nimbus Health's exclusive New Zealand supplier of medicinal cannabis products.
Rua Bioscience CEO, Rob Mitchell, says this is exciting news. Nimbus Health will become a wholly-owned subsidiary of Dr Reddy’s.
"This is another example of the international pharmaceutical industry's growing interest in the burgeoning medicinal cannabis industry, following Jazz Pharmaceuticals USD7.2bn acquisition of GW pharmaceuticals in early 2021. The acquisition will allow Dr Reddy's to build on Nimbus Health's strengths and introduce medical cannabis-based medicines as a promising treatment option for patients.
“Nimbus Health will expand its operations through access to Dr Reddy's significant EU pharmaceutical sales and marketing capabilities. For Rua, this will ultimately lead to greater reach for our products in the German market and potentially beyond,” Rob says.
Dr Alessandro Rossoni, Co-Founder and Managing Director of Nimbus Health, says that the team is excited that Dr Reddy's acknowledged the potential of Nimbus in the medical cannabis market.
"Dr Reddy's commitment sets a significant milestone for further developing medical cannabinoid-based medicines and unlocking new possibilities to benefit patients. We are very confident that being part of Dr Reddy's will help us strongly take our operations to the next level and further increase our impact in this quickly developing market."
Rua expects to export dried flower and oil products to Germany under its distribution agreement with Nimbus Health from H2, 2022.
Ends
For more information, please contact:
Kerry Donovan
Communications Manager Rua Bioscience
Email: [email protected]
Phone: 021 128 7689
The S&P/NZX 50 Index closed at 12,105.29, up 94.62 points or 0.79%.
HLG shares rose 1.9% to $6.42 on early trading.
Synlait enters trading halt as it needs more time to come up with cash.
To join your company account for BusinessDesk and enjoy full access, enter your email and we’ll send you details