Chain Bridge I (NASDAQ:CBRG) announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal's closure, slated for the fourth quarter of 2024.

Phytanix Bio's Strategic Acquisition Overview

Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved cannabinoid-based medicines like Sativex and Epidiolex. With...