Hogan Lovells advises Harmony Biosciences on its acquisition of Zynerba Pharmaceuticals
Baltimore, New York, 14 August 2023 – A team from global law firm Hogan Lovells is advising Harmony Biosciences Holdings, Inc., on its pending acquisition of Zynerba Pharmaceuticals, Inc. Both companies are listed on the NASDAQ stock exchange, and the deal is valued at an initial US$60 million with the potential for additional payments worth up to US$140 million subject to the achievement of certain clinical, regulatory, and sales milestones.
Harmony develops and commercializes innovative therapies for patients with rare neurological diseases. Zynerba is a leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, including Fragile X syndrome (FXS), a rare genetic disorder that affects approximately 80,000 people in the U.S. causing intellectual disabilities and behavioral challenges.
Zynerba's lead asset, Zygel, is a pharmaceutically manufactured, synthetic cannabidiol, a non-euphoric cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system. Zygel, currently in a pivotal Phase 3 clinical trial for the treatment FXS, is manufactured through a synthetic process and is not extracted from the cannabis plant.
The core Hogan Lovells team was led by partners William Intner (Baltimore, M&A and Securities) and Peter Cohen-Millstein (New York, M&A), with support from senior associate Shaida Mirmazaheri (Boston).
More information about the transaction is here.
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