Mira Pharmaceuticals Eyes Acquisition of Skny for Obesity and Smoking Cessation Asset

Mira Pharmaceuticals has announced its intention to acquire Skny Pharmaceuticals, signaling a strategic move into the weight loss and smoking cessation markets. The proposed deal would bring a promising preclinical candidate to Mira's pipeline and bolster its financial position.

Acquisition Details and Financial Implications

Miami-based Mira has signed a binding letter of intent to purchase Skny Pharmaceuticals through a stock exchange. The final terms of the deal are subject to an independent valuation of both companies. Notably, the acquisition would inject $5 million into the combined entity's coffers, a significant boost for Mira, which reported only $4.1 million in cash as of September.

The financial infusion comes at a crucial time for Mira, which had previously warned investors of substantial doubt about its ability to continue as a going concern. The company burned through $3.8 million in the nine months leading up to September, underscoring the importance of this capital influx.

SKNY-1: A New Player in Obesity and Smoking Cessation

The centerpiece of the acquisition is SKNY-1, an oral candidate designed to interact with cannabinoid receptors CB1 and CB2. This mechanism of action has a long history in the pharmaceutical industry, with interest dating back over two decades. Sanofi's rimonabant was an early entrant in this field, gaining European approval in 2006 for weight loss before being withdrawn in 2009 due to psychiatric side effects.

Despite historical setbacks, the recent boom in weight loss medications has rekindled interest in CB1-targeting therapies. In 2023, Novo Nordisk made a significant $1.1 billion investment to acquire Inversago Pharma, a company developing CB1 receptor blockers. However, the specter of neuropsychiatric side effects continues to loom over this class of drugs, as evidenced by recent reports from Novo Nordisk's clinical trials.

Mira claims positive preclinical data for SKNY-1, though detailed results have not been made public. The company emphasizes that Skny Pharmaceuticals holds exclusive rights to its compounds in the United States, with an agreement to extend coverage to Canada and Mexico.

Mira's Expanding Pipeline

The addition of SKNY-1 would complement Mira's existing pipeline, which includes MIRA-55 and Ketamir-2. The latter, an oral ketamine analog, was licensed in 2023 as part of a deal that provided Mira with a $3 million line of credit for its development. Mira recently received clearance to begin human trials of Ketamir-2.

As of October, Mira was targeting the fourth quarter of 2025 to advance MIRA-55 to human trials. The acquisition of Skny and its preclinical asset SKNY-1 could potentially accelerate Mira's drug development timeline and diversify its portfolio in the highly competitive weight loss and smoking cessation markets.