The transaction will be conducted through Philip Morris’ subsidiary Vectura, which specializes in the field of inhalers. Philip Morris previously acquired the British company for one billion pounds in 2021 as part of its strategy to transition to smoke-free smoking.
Philip Morris previously invested $20 million in Syqe back in 2016.
The acquisition of Syqe marks one of the largest transactions in Israel’s medical technologies field over recent years. If the $650 million valuation is achieved, Syqe will become one of the ten largest cannabis companies globally, joining the ranks of Tilray and Aurora.
This exit is highly significant for all of Syqe’s investors, considering that the total investments in the company to date amount to only $80 million. The company’s founder and CEO, Perry Davidson, holds a relatively large share of over 10% of the company, with other investors including OurCrowd, former Retalix founders Barry Shaked and Brian Cooper, GlenRock, Leon Recanati’s investment firm, Shavit Capital, and Bank Discount.
Established in 2011 by Davidson, who still serves as the CEO, Syqe holds around 120 patents resulting from more than eight years of development. The main innovation in Syqe’s inhaler is the use of raw inflorescence of the cannabis plant, not its processed products, and the ability to measure an exact dose intended for the patient.
Sean Hocking
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