Tikun olam-Cannbit continues to expand its footprint in the pharmaceutical arena
Reported the first partnership of its kind with Wavelength Pharmaceuticals, owned by US investment firm SK Capital Partners
As part of the agreement, a first in the pharmaceutical industry, the companies will develop, manufacture and market cannabis-based active pharmaceutical ingredients (APIs) for the global pharmaceutical industry
TEL AVIV, Israel, Aug. 16, 2021 /PRNewswire/ -- Tikun-Olam Cannbit (TASE:TKUN) reported the first and exclusive partnership of its kind with Wavelength, an Israeli company that develops, manufactures, and exports active pharmaceutical ingredients (APIs) for the pharmaceutical industry, to over 280 pharmaceutical companies in 50 different countries. Wavelength is a portfolio company of SK Capital Partners, a US-based investment firm with over $5 billion in assets under management, including 125 plants in 28 countries.
Under the agreement, Tikun Olam-Cannbit and Wavelength will jointly develop, manufacture and market APIs, or in other words, active cannabis-based raw materials for the pharmaceutical industry.
The Wavelength facility is a leading technology plant that operates in compliance with the industry's leading quality standards (cGMP). It is recognized and respected thanks to its values of excellence, safety and environmental stewardship. The company has over 30 years of an exceptional regulatory track record with all leading global health authorities such as the US FDA, EMA, PMDA, TGA, KFDA, ANISA, COFEPRIS... The partnership is expected to target the global pharmaceutical market in view of the regulatory changes with respect to cannabis exports.
Avinoam Sapir, General Manager, Tikun Olam-Cannbit, said, "I welcome the unique partnership between the companies. This important deal takes us yet another step forward towards significant partnerships and medical cannabis-based developments in the global pharmaceutical arena. The fact that Wavelength products are already being sold to global pharmaceutical companies and are immediately EU-GMP and FDA certified, provides us with an opportunity to add another link to the emerging value chain between the medical cannabis industry and the pharmaceutical sector."
Iftach Seri, CEO of Wavelength Enterprises stated, "By joining forces, we multiply the power of both companies, the pharmaceutical industry and the medical cannabis industry. I am delighted about the opportunity to work together with a leading company and believe that together we will lead development and production of cannabinoids from the cannabis plant that comply with all global pharmaceutical standards, which will be serve as the gateway to innovation in the development of next-generation pharmaceuticals.
About the process:
The primary cannabinoids in the cannabis plant, THC and/or CBD, will be extracted and isolated from a plant source and will serve as the main active ingredient at the pharma grade level in medicines and medical preparations. Initially, the process of extracting the oil from the plant will be done by Tikun Olam-Cannbit's plant and then, the extracted substance will be transferred to Wavelength's plant in Neot Hovav, at facilities that are EU GMP as well as US FDA certified, and where the process of separating the primary cannabinoids as final products that respond to the current requirements of the pharmaceutical market will be developed.
During the product development stage, the parties will allocate teams of R&D specialists, that will work together to develop a method for producing the products. After development of the products is complete, Tikun Olam-Cannbit will provide the cannabis plants and extract the THC and/or CBD oil. Wavelength will perform the processes required to bring the concentration of the THC and/or CBD to a pharma-grade level of purity, as required by the pharmaceutical companies.
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SOURCE Tikun Olam Cannbit
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