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Financials

Europe's Neuraxpharm, Israel's Panaxia to sell medical cannabis in Germany

TEL AVIV, April 1 (Reuters) - Specialty drugmaker Neuraxpharm has teamed up with Israel’s Panaxia Labs to market medical cannabis, saying it would be the first European pharmaceutical firm to include such products in its portfolio.

Neuraxpharm, which specializes in pharmaceutical products for the central nervous system (CNS), said together with Panaxia -- one of Israel’s largest medical cannabis producers -- it would manufacture and distribute advanced medical cannabis products in Germany, Europe’s largest and fastest-growing medical cannabis market. Financial terms were not disclosed.

Under the deal, Panaxia will manufacture the products while Neuraxpharm will handle branding, market penetration and distribution to all certified pharmacies in Germany. The collaboration includes a mutual option to consider expanding into other EU countries, the firms said in a statement.

Initial sales are expected upon the receipt of the regulatory approval later in 2020.

They noted that more than 60,000 Germans are being treated with medical cannabis and the market is expected to account for 1-2% of Germany’s population in four years. (Reporting by Steven Scheer Editing by Ari Rabinovitch)

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