GW Pharmaceuticals Investors Sue To Stop $7.2B Acquisition

Law360 (March 18, 2021, 9:21 PM EDT) -- Two shareholders in cannabinoid drugmaker GW Pharmaceuticals are suing to stop its planned $7.2 billion acquisition by another pharmaceutical company, saying the deal was the result of an unfair and misleading process that undercuts investors and benefits insiders.

In two separate suits filed in New York federal court this week, the shareholders accused GW and its board members of underselling its financial forecast and concealing the board's potential conflicts of interest in the deal with Ireland-based Jazz Pharmaceuticals PLC.

U.K.-based GW Pharmaceuticals develops cannabinoid-based treatments for rare diseases, including Epidiolex, the first drug derived from marijuana to be approved by the...

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