Why 5AM and Versant forged a deal to unite two cannabinoid companies

Spurred by rising interest in cannabinoids to treat a range of diseases, longtime investors in Bird Rock have put together a deal joining that company with Skye, another company in the clinic with a therapy targeting CB1.

5AM Ventures and Versant Ventures joined a third, undisclosed, investor in a $12 million PIPE deal for Skye Bioscience Inc. (OTCQX:SKYE), enabling it to acquire Bird Rock Bio Inc. in a $20 million stock swap and fund future operations, including a Phase IIa study of its lead molecule. Another investor supplied $5 million via a convertible note...