Devon-based Zynerba is set to be acquired by Harmony Biosciences Holdings in a $2 million deal, writes John George for the Philadelphia Business Journal.  

The Plymouth Meeting-based life sciences company will be Zynerba $1.1059 per share, as well as up to an additional $140 million depending on the success of Zynerba’s new drug candidate Zygel.  

The drug candidate is a transdermal patch using cannabinoid therapeutics to treat neuropsychiatric or rare genetic disorders, including Fragile X Syndrome. Harmony Biosciences also has its hands in neurological treatments, and is behind the narcolepsy drug Wakix.  

Harmony’s CEO Dr. Jeffrey M. Dayno said the acquisition allows them to advance the development of treatment for rare genetic and neuropsychiatric disorders.  

“This is an important step in Harmony’s strategy to build a diversified portfolio of innovative assets to address unmet medical needs and drive our long-term growth,” he said.  

Zynerba CEO Armando Anido said that Harmony’s expertise is the perfect fit for the company’s strategy.  

Read more about the acquisition of the Chester County-based company and its advancement towards neurological and rare genetic disorder treatments in the Philadelphia Business Journal.  

A deeper dive into Zynerba’s CBD gel.