Benuvia and Pono Capital today announced plans to merge at an implied pro forma enterprise valuation of $440 million. Benuvia will apply to list on the Nasdaq.
Benuvia owns the FDA approved cannabinoid drug SYNDROS® and one of the largest synthetic cannabinoid manufacturing facilities in the U.S. SYNDROS is a prescription drug for the treatment of chemotherapy-induced nausea and vomiting in cancer patients and loss of appetite in AIDS patients who have lost weight.
If approved and in the absence of any redemptions, the transaction will provide approximately $115 million in estimated gross proceeds to Benuvia. The transaction is expected to close in the third quarter. Read more.
