GW Pharmaceuticals ($GWPH) gained about $500 million to hit $2.3 billion in market cap on rumors that it may soon be acquired. It was up by more than 20% on a report from Reuters that it has been approached by more than one potential acquirer and hired investment bank Morgan Stanley to manage the process.
The U.K.-based marijuana biopharma is on track to submit its lead pipeline candidate Epidiolex to the FDA for approval during the first half of next year to treat Dravet syndrome and Lennox-Gastaut syndrome (LSG). Both indications are rare forms of childhood-onset epilepsy.
“We believe the guidance received was both positive and supportive of the company’s proposed filing strategy to submit a single NDA for both the Dravet syndrome and Lennox-Gastaut syndrome indications incorporating the single Dravet trial that has already reported results and the two LGS trials,” said GW CMO Stephen Wright on an earnings call last