German-based Nimbus Health has been a major player in the field of cannabis-based medicines segment. The acquisition will allow Dr Reddy to build on Nimbus Health’s current offerings and introduce new cannabis-based medical products.
Nimbus Health was founded and managed by Linus Maximilian Weber. This was an undisclosed deal with Dr Reddy offering an upfront payment, plus milestone and performance-based earn-outs over the period of the next 4 years. The company will be operating under the brand Nimbus Health and as a wholly-owned subsidiary of Dr Reddy’s
Globally, the legal market size of medical cannabis will reach $176 billion by 2030 as many countries are legalising its use to make medicines. Many European countries are adopting the usage of medical cannabis after medical cannabis was made legal by the German Parliament in 2017. The use of cannabis in making medicines is used to meet high unmet medical needs, especially in pain management and CNS.
The involvement of major pharmaceutical players in this segment will bring in the necessary muscle power to deal with regulatory hindrances. The use of cannabis for medicine is approved by the state of Uttarakhand and Madhya Pradesh.