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GW Pharmaceuticals Stockholders Approve Acquisition by Jazz Pharmaceuticals

·2 min read
GW Pharmaceuticals Stockholders Approve Acquisition by Jazz Pharmaceuticals

A big merger at the intersection of the marijuana and pharmaceutical industries is one step closer to completion. On Friday, shareholders of GW Pharmaceuticals (NASDAQ: GWPH) approved its acquisition by a subsidiary of Jazz Pharmaceuticals (NASDAQ: JAZZ), both companies announced in a joint press release. Jazz agreed to pay $7.6 billion in a cash-and-stock transaction for GW Pharmaceuticals; at the time, that price represented a 50% premium to the latter's stock price the day before the announcement.