Biggest pharma M&A deal of the year so far announced by Jazz Pharma

Setting the scene for an active M&A year for the biopharma sector, US biotech firm Jazz Pharmaceuticals (Nasdaq: JAZZ) today announced the biggest takeover deal so far this year.

America-traded shares of UK medical cannabis-based products GW Pharmaceuticals (Nasdaq: GWPH) leapt more than 48% to $216.70, after it was revealed that its board had accepted an offer form Jazz Pharma, which is for $200.0 in cash and $20.00 in Jazz ordinary shares, for a total consideration of $7.2 billion, or $6.7 billion net of GW cash. Jazz also edged up 0.9% pre-market, though it was down 2.9% by late morning

The transaction, which represents a 50% premium to GW’s closing price on Tuesday, has been unanimously approved by the boards of directors of both companies and is expected to close in the second quarter of 2021