Dr Reddy's to acquire German medical cannabis firm Nimbus Health
Premium- Founded in 2018, Nimbus Health is one of the pioneer companies for medical cannabis in Germany.
Dr Reddy's Laboratories Ltd, today announced that it has entered into a definitive agreement to acquire German medical cannabis firm Nimbus Health.
Nimbus Health is a privately owned, licensed pharmaceutical wholesaler from Germany focusing on medical cannabis in Germany. Dr Reddy's will acquire Nimbus Health for an upfront payment plus performance and milestone-based earn-outs over the next four years.
Founded in 2018, Nimbus Health is one of the pioneer companies for medical cannabis in Germany.
"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. The company will be operating under the brand Nimbus Health and as a wholly-owned subsidiary of Dr Reddy's," the Hyderabad-based company said in a statement.
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On Thursday, Dr Reddy's shares closed 1.05% lower at ₹4,369 apiece on NSE.
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