Dr Reddy’s to acquire Germany-based Nimbus Health
Hyderabad: Hyderabad-based Dr Reddy’s Laboratories entered into a definitive agreement to acquire Nimbus Health GmbH, a privately owned, licensed pharmaceutical wholesaler from Germany focusing on medical cannabis. 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 demand for medical cannabis has increased over the past years with the legalisation of medical cannabis by the German Parliament (Bundestag) in 2017. The medical cannabis market in Germany is already valued at about Euros 122 million with growth of about 25 per cent in 2021 compared to 2020 and a CAGR of 55 per cent since 2017, making Germany one of the largest markets in Europe.
Patrick Aghanian, Head of European Generics, Dr Reddy’s, said, “Medical cannabis is increasingly used to address and treat high unmet medical needs, especially in pain management and CNS. Further, with numerous studies being conducted to leverage and introduce medical cannabis, we believe this is a must-be field for future healthcare delivery.”
“The close alignment between the values of Dr Reddy’s and Nimbus gave us the confidence that we can stay focused on the existing business and grow future endeavours together,” added Linus Maximilian Weber, founder and MD of Nimbus Health.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .
