A Canadian company that makes cannabis-based medical products has taken its relationship with Swiss drugmaker Novartis’ generics arm global.
Nanaimo, British Columbia-based Tilray said Tuesday that it signed a global framework agreement with Sandoz, which could potentially allow for global commercialization of the medical marijuana’s products in countries where they are legal. It builds off of an alliance between the two that was announced on March 19.
Shares of Tilray on the Nasdaq were up nearly 10 percent on the news when markets opened Tuesday and are currently trading around 20 percent above their Monday closing price of $65.89. The company went public in June.
To be sure, the deal is a framework agreement that lays out opportunities for global collaboration, as opposed to a firm deal. Nevertheless, it would provide extensive opportunities for Tilray to market its products with Sandoz’s help.
“This agreement represents