CNX Therapeutics Acquires Sativex in Strategic CNS Portfolio Expansion

Marijuana Staff -

UK speciality pharma strengthens European position with landmark cannabinoid medicine

CNX Therapeutics completed its acquisition of the global Sativex (nabiximols) business from Jazz Pharmaceuticals on 31 October 2025, marking a significant milestone in the UK-based company's strategy to build a leading central nervous system (CNS) therapeutic portfolio across European markets.

The deal transfers worldwide rights to the cannabinoid-based medicine, which is approved in many markets for symptoms of moderate to severe spasticity in adult patients. The transaction includes marketing authorisations, commercial partnerships and manufacturing arrangements, with Jazz Pharmaceuticals providing transition support through a specified service agreement.

A Historic Cannabis Medicine

Sativex represents the first plant-derived cannabinoid medicine approved by a medicines regulator, a distinction that underscores its pioneering role in legitimising cannabis-based therapeutics. The drug is approved in the European Union, United Kingdom and other international markets for adult patients with moderate to severe spasticity due to multiple sclerosis who have not responded adequately to other anti-spasticity treatments and who show clinically significant improvement during an initial trial.

Guy Clark, chief executive officer of CNX Therapeutics, emphasised the strategic importance of the acquisition, stating it strengthens the company's position as a provider of specialist CNS medicines across European markets and represents a significant milestone in their focused acquisition strategy.

Strategic Implications

For CNX Therapeutics, this acquisition represents a logical extension of an aggressive growth strategy. In 2023 and 2024 the business acquired two central nervous products from Eisai to treat psychological disorders and Parkinson's disease, as well as four hospital products from Clinigen and two central nervous products from Sanofi.

Ben Moore, CNX's corporate development vice president, noted that the company's established CNS infrastructure and deep therapeutic expertise made this acquisition a strategic fit as they continue building their European specialty portfolio.

Jazz's Portfolio Rationalisation

From Jazz Pharmaceuticals' perspective, the divestiture reflects a strategic refocusing of resources. Jazz acquired Sativex through its acquisition of GW Pharmaceuticals for $7.2 billion, which was completed in May 2021. However, Sativex's revenue came in at $13 million in 2021.

Additionally, the nabiximols oromucosal spray flunked a Phase 3 trial in 2022, coming up short in helping multiple sclerosis patients with spasticity. Over a 21-day span, the spray failed to improve lower limb muscle tone as measured by the Modified Ashworth Scale. Jazz Pharma subsequently announced it had completed its analysis of the nabiximols MSS1 trial and made the decision to discontinue the programme.

Australian Context and Implications

The acquisition has particular significance for Australian patients and healthcare providers. Sativex was approved by the Therapeutic Goods Administration (TGA) for the treatment of people with spasticity associated with MS, with the product being ARTG registered in 2012.

However, access remains challenging for Australian patients. Chiesi's predecessor (Emerge Health Pty Ltd) was unsuccessful in obtaining Pharmaceutical Benefits Scheme (PBS) listing of Sativex in 2013. In the view of the Pharmaceutical Benefits Advisory Committee (PBAC), there was insufficient evidence to support the sponsor's claim of superior efficacy over the standard of care, and nabiximols appeared to be inferior to the standard of care in terms of safety.

The absence of PBS listing means Sativex is available in Australia but it is not yet listed on the Pharmaceutical Benefits Scheme. It is available from selected pharmacies for approximately $700-800 for a 6-8 week supply, placing it beyond reach for many patients who might benefit from the therapy.

Both medicinal cannabis products approved by the TGA for supply in Australia are sponsored by Chiesi Australia Pty Ltd under licence from GW Pharma Ltd, the company that was acquired by Jazz. Chiesi Australia PTY LTD are the legally registered Sponsor for Sativex in Australia and New Zealand and are currently working with local health authorities to enable supply of Sativex in each country.

There were 33,335 people with MS in Australia in 2021, and the prevalence and incidence are increasing with time. The CNX acquisition raises questions about the future of Sativex in Australia, including whether CNX will maintain the existing licensing arrangement with Chiesi Australia, and whether the change in ownership might provide an opportunity to revisit PBS listing.

Market and Patient Impact

The acquisition is unlikely to disrupt patient access in established markets, with CNX explicitly committing to ensuring continuity of supply and support for patients and healthcare professionals.

The nabiximols spray failed its Phase 3 trial in 2022, and its subsequent transfer to a smaller specialty player suggests Sativex will likely remain primarily focused on existing approved markets rather than pursuing major expansion.

Broader Industry Context

CNX Therapeutics is backed by private equity firm Inflexion and has pursued multiple acquisitions to build its CNS and hospital products portfolio. The transaction represents one example of how specialty pharmaceutical companies are acquiring established products from larger firms.

References:

  1. MS Australia: "Sativex (Nabiximols)"
  2. Centre for Medicinal Cannabis Research and Innovation, NSW: "Product" information
  3. Pearce IP Law: "Medicinal Cannabis in Australia, Part 1: Available Products" (21 September 2023)
  4. PharmiWeb.com: "CNX Therapeutics acquires Sativex global business from Jazz Pharmaceuticals" (4 November 2025)
  5. Pharmaceutical Business Review: "CNX Therapeutics expands CNS portfolio with Sativex acquisition" (4 November 2025)
  6. PharmaTimes: "CNX Therapeutics acquires Sativex from Jazz Pharmaceuticals" (4 November 2025)
  7. Fierce Pharma: "Trial failure for Jazz's cannabis-derived drug blunts goal to expand its use to US" (29 June 2022)
  8. Business of Cannabis: "European Cannabis Stocks Review: Jazz Pharma Scraps US Sativex Trial" (1 March 2023)
  9. Medical Journal of Australia: "Consensus recommendations on multiple sclerosis management in Australia and New Zealand: part 1" (10 February 2025)
  10. MS Australia: "Multiple sclerosis rising and accelerating in Australia new data shows" (13 February 2023)