In February, biotech company Jazz Pharmaceuticals (NASDAQ: JAZZ) made some noise when it announced it would acquire GW Pharmaceuticals, a drugmaker specializing in developing cannabidiol (CBD)-derived medicines. The cash-and-stock transaction, which closed in May, was valued at $7.2 billion and represented an almost 50% premium to GW Pharma's market value. While there are good reasons why Jazz Pharma decided to make this move, acquisitions don't always work as planned.
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