A British cannabis tycoon, dubbed 'Dr Pot' was this week celebrating a £5.3 billion windfall after selling up the company to an Irish firm.
Drugs company GW Pharmaceuticals has been snapped up by Irish peer Jazz Pharmaceuticals in a deal said to be worth $7.2bn.
The deal was revealed yesterday with an announcement to shareholders in the New York-listed GW.
Following the news it was approved unanimously by directors on both boards, and will see Jazz pay 200 dollars per share in cash, as well as 20 dollars in its own shares.
GW is known for developing medicines from cannabis. It is the first company to be given approval by US authorities for a cannabidiol therapy used for treating seizures in both children and adults.
The company's main product, Epidiolex is used for the treatment of seizures associated with Lennox-Gastaut Syndrome, Dravet Syndrome and Tuberous Sclerosis Complex, all of which are rare diseases characterized by severe early-onset epilepsy.
In a statement Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals said: "Jazz is proud of our leadership position in sleep medicines and rapidly growing oncology business.
"We are excited to add GW's industry-leading cannabinoid platform, innovative pipeline and products, which will strengthen and broaden our neuroscience portfolio, further diversify our revenue and drive sustainable, long-term value creation opportunities.
"We are joining two teams that share a passion for, and track record of, developing differentiated therapies that advance science and transform the lives of patients."
Geoffrey Guy, GW’s founder and chairman - who is nicknamed Dr Pot - launched the company in 1998.
The firm researches, develops and delivers novel, breakthrough medicines, and tries to 'unlock the medical benefit of cannabis.'
It employs more than 1,000 people and its medicines are approved in more than 40 countries around the world.
