MIRA Pharmaceuticals to Acquire SKNY, Bolstering Drug Development

MIRA Pharmaceuticals has announced a binding letter of intent to acquire SKNY Pharmaceuticals, enhancing its drug development pipeline with SKNY-1, an oral therapeutic targeting obesity and smoking. The transaction involves a $5 million capital infusion into MIRA, enhancing its financial standing and facilitating SKNY-1's preclinical development.

The strategic acquisition positions MIRA in two high-growth markets. The global weight loss drug market could surpass $150 billion by the early 2030s, while the U.S. smoking cessation market could reach $51 billion by 2030. SKNY-1, targeting cannabinoid pathways, may offer new approaches in these areas.

Under the LOI, SKNY will be acquired via stock exchange, with shareholders receiving MIRA stock. The transaction is pending regulatory and board approvals, with integration of SKNY-1 into MIRA's pipeline planned post-closing.