MIRA Pharmaceuticals to acquire SKNY for obesity, smoking therapy

MIAMI - MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA), a clinical-stage company focused on neurologic and neuropsychiatric disorders, announced its plan to acquire SKNY Pharmaceuticals, Inc., with the aim of expanding its therapeutic pipeline. Currently trading at $1.28 per share, InvestingPro analysis suggests the stock is undervalued, with a strong return of over 18% in the past week. The acquisition includes a preclinical-stage drug candidate, SKNY-1, targeting obesity and smoking cessation.

The binding letter of intent (LOI) for the acquisition was signed today, and the transaction will involve a $5 million capital infusion into MIRA, which will be used to advance SKNY-1. With a current market capitalization of $21.2 million and holding more cash than debt on its balance sheet, MIRA appears well-positioned for this deal. The deal terms stipulate that SKNY shareholders will receive MIRA common stock, and SKNY will contribute $5 million in cash or assets to MIRA at closing.

SKNY-1 is designed to interact with cannabinoid receptors, which play a role in appetite, metabolism, and energy balance. The drug candidate represents a potential new approach to metabolic regulation and nicotine dependence, areas with significant unmet medical needs.

Obesity and smoking are the leading causes of preventable death in the United States, with existing treatments often limited and expensive. The global weight loss drug market is projected to exceed $150 billion by the early 2030s, while the U.S. smoking cessation market is expected to grow to nearly $51 billion by 2030.

Erez Aminov, Chairman and CEO of MIRA, expressed that the acquisition is a transformative step for the company, positioning it to address pressing public health challenges and to create long-term growth and value. Dr. Itzchak Angel, Chief Scientific Advisor at MIRA, also highlighted the promising preclinical data on SKNY-1.

MIRA and SKNY will undergo a 90-day due diligence period, working towards a definitive agreement. The transaction is subject to regulatory and board approvals, as well as a final due diligence review. Upon completion, SKNY-1 will be integrated into MIRA’s development pipeline.

The press release includes forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ from those projected.

This news article is based on a press release statement and does not include any speculation or subjective assessment.

In other recent news, MIRA Pharmaceuticals, Inc. announced a definitive agreement to acquire SKNY Pharmaceuticals, Inc. in a stock exchange deal. This acquisition will add a novel oral drug candidate targeting weight loss and smoking cessation to MIRA’s pipeline. SKNY’s shareholders will receive MIRA’s common stock, and the merger is contingent on SKNY’s valuation being at least equal to or greater than MIRA’s. Additionally, SKNY will contribute a $5 million capital infusion to MIRA. In another development, MIRA Pharmaceuticals has successfully developed a new topical treatment for localized neuropathic and inflammatory pain, derived from their drug Ketamir-2. This topical version aims to provide slow-release, targeted pain relief and is currently undergoing preclinical studies. Furthermore, MIRA has commenced a Phase 1 clinical trial for Ketamir-2, evaluating its safety and tolerability in healthy adult volunteers. This trial is being conducted in Israel and is expected to complete by the fourth quarter of 2025.

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