Syqe Medical Acquisition, Valuation, Funding & Investors

Syqe Medical was acquired by Philip Morris for $650M in July 2023.

Syqe Medical acquisition price

$650M

Acquired by Philip Morris · Jul 2023

Cumulative funding Syqe Medical raised

$70M

across 2 funding rounds

Key investors in Syqe Medical

Syqe Medical Overview

About Syqe Medical

Syqe Medical is a Tel Aviv-based medical device company developing the Syqe Inhaler, a precision metered-dose cannabis vaporizer for therapeutic delivery. FDA-cleared for pulmonary administration, it enables individualized dosing for conditions like chronic pain. Syqe advances botanical drug decentralization through clinical validation and regulatory approvals.


Founded

2011

HQ

IsraelTel Aviv

Website

syqe.com

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$650M (acquired Jul 2023)

Syqe Medical Acquisition

Syqe Medical was acquired by Philip Morris for $650M on 18 July 2023.

Before the acquisition Syqe Medical had raised $70M across 2 funding rounds.

Philip Morris International agreed to acquire Syqe Medical, an Israeli medical cannabis technology company, in a deal valued at up to $650 million announced in July 2023. Syqe's primary product is a metered-dose pharmaceutical-grade inhaler that delivers precise doses of medical cannabis for pain reduction treatment. The inhaler took eight years and $83 million to develop and holds approximately 120 patents; it is currently available in Israel and Australia and has been approved in Canada as the fourth medical device for cannabinoid vaporizer use. The acquisition structure consists of multiple milestones tied to regulatory approval. Philip Morris will initially invest $120 million to support FDA approval efforts for Syqe's inhaler through its subsidiary Vectura, a British inhaler specialist acquired in 2021 for one billion pounds. Upon successful FDA approval following clinical trials, Philip Morris will purchase all remaining shares of Syqe for a total deal value of $650 million. Philip Morris had previously invested $20 million in Syqe in 2016, establishing a prior relationship with the company. The deal represents Philip Morris' strategic pivot toward smoke-free and alternative nicotine products, with Syqe's technology providing access to the estimated $22 billion vaped medical cannabis market projected over 10 to 15 years. If completed at the full $650 million valuation, Syqe would rank among the ten largest cannabis companies globally alongside competitors like Tilray and Aurora, and would become the first company worldwide to secure FDA approval for raw cannabis inflorescence as medicine. The transaction would mark one of the largest medical technology deals in Israeli history and signals major tobacco industry interest in cannabis-adjacent pharmaceutical innovation.

Syqe Medical acquisition details
AcquirerDateTypePrice
18 Jul 2023Strategic M&A$650M

Syqe Medical Funding History

Syqe Medical has raised a total of $70M across 2 funding rounds.

Syqe Medical's first fundraising round was a $20M undisclosed-stage round in January 2016. The most recent completed round was a $50M undisclosed-stage round in January 2019.

Syqe Medical funding rounds

Syqe Medical funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2019Undisclosed stageShavit Capital (lead)$50MSyqe Medical is an Israeli medical device company founded in 2011 that develops metered-dose inhaler systems for precise delivery of cannabis and other medicinal plant molecules. The company is led by CEO Perry Davidson and chaired by former Israeli Health Ministry Director-General Eitan Hai-Am. In January 2019, Syqe Medical completed a $50 million funding round led by Jerusalem-based investment firm Shavit Capital, with participation from PRM Holdings (the investment arm of German botanical product company Martin Bauer Group) and another unnamed global strategic player in pharmaceuticals. By 2020, the company had raised a total of $83 million across multiple rounds from investors including Philip Morris International, OurCrowd, Shavit Capital, and PRM. The company launched its first metered-dose inhaler product in 2019, designed to deliver precise dosages of cannabis for medical applications.
Jan 2016Undisclosed stagePhilip Morris$20MSyqe Medical is an Israeli medical technology company that developed a metered-dose inhaler for precise dosing of medical cannabis for pain treatment. The company's main product addresses the medical cannabis market with a focus on regulated pharmaceutical delivery mechanisms. This investment represented Philip Morris's initial entry into the cannabis inhaler space through partnership with the Israeli startup. The deal predated Philip Morris's much larger acquisition of Vectura (a British pharmaceutical inhaler specialist) in 2021 for £1 billion and the company's subsequent announcement in 2023 of a potential full acquisition of Syqe Medical for up to $650 million, contingent on FDA approval of the inhaler. The 2016 investment eventually evolved into a structured acquisition pathway with initial $120 million in milestone funding to support FDA approval processes, followed by a potential $650 million full acquisition if regulatory approval was achieved.

Who has invested in Syqe Medical?

2 investors have backed Syqe Medical across its funding rounds, including Shavit Capital and Philip Morris.

Lead investors include Shavit Capital.


Syqe Medical Investors

Investors in Syqe Medical by funding rounds participated
InvestorHQRoundsRoleFirst check

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Syqe Medical Competitors

Syqe Medical competitors include listed companies like Vireo Growth, Glass House Brands, Tilray Brands and Verano Holdings, and private ones like Jane Technologies and LeafLink.

Public and private companies comparable to Syqe Medical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Vireo GrowthUnited StatesUnited StatesPublicly listed$269M$12M$616M1.6x
Jane TechnologiesUnited StatesSanta Cruz, CAPrivate--$592M-
Glass House BrandsUnited StatesUnited StatesPublicly listed$182M$6M$750M4.6x
LeafLinkUnited StatesNew York City, NYPrivate$6M-$760M126.7x
Tilray BrandsUnited StatesUnited StatesPublicly listed$915M$3M$553M0.7x
Verano HoldingsCanadaCanadaPublicly listed$822M$24M$441M1.0x

Syqe Medical Public Comps

Syqe Medical is no longer listed, but its public comps include Vireo Growth, Tilray Brands, Glass House Brands, Verano Holdings, Canopy Growth, SNDL, Cresco Labs, Aurora Cannabis, High Tide and Cronos Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vireo Growth$269M$12M3.7x1.6x81.7x7.4x
Tilray Brands$915M$3M0.8x0.7x218.8x10.7x
Glass House Brands$182M$6M4.9x4.6x162.4x36.6x
Verano Holdings$822M$24M1.0x1.0x36.4x4.0x
Canopy Growth$204M($142M)1.7x1.6x(2.5x)(40.4x)
SNDL$678M$29M0.5x0.5x11.2x8.2x
Cresco Labs$656M$17M1.1x1.1x44.8x5.0x
Aurora Cannabis$230M($33M)0.8x0.9x(5.7x)7.1x

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Common questions about Syqe Medical

When was Syqe Medical founded?Syqe Medical was founded in 2011.
Where is Syqe Medical headquartered?Syqe Medical is headquartered in Tel Aviv, Israel.
Is Syqe Medical publicly listed?No, Syqe Medical was acquired by Philip Morris in July 2023.
Who acquired Syqe Medical?Syqe Medical was acquired by Philip Morris in July 2023.
How much was Syqe Medical acquired for?Syqe Medical was acquired for $650M in July 2023.
How much funding has Syqe Medical raised?Syqe Medical has raised $70M across 2 funding rounds.
What was Syqe Medical's last funding round?Syqe Medical's last funding round was a $50M undisclosed-stage round in January 2019, led by Shavit Capital.
Who are Syqe Medical's investors?Syqe Medical's investors include Shavit Capital and Philip Morris.
Which companies are comparable to Syqe Medical?Companies comparable to Syqe Medical include Vireo Growth, Jane Technologies, Glass House Brands, LeafLink, Tilray Brands and Verano Holdings.

See companies similar to Syqe Medical

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