OR WAIT null SECS
FSD Pharma has entered a definitive agreement to acquire all of the issued and outstanding shares of Lucid Psycheceuticals for approximately US$9 million (CAD$11.3 million) in FSD Pharma stock.
FSD Pharma— a life sciences holding company building a portfolio in legal psychedelics and medical cannabis—has entered a definitive agreement to acquire all of the issued and outstanding shares of Lucid Psycheceuticals for approximately US$9 million (CAD$11.3 million) in FSD Pharma stock, according to an Aug. 25, 2021 company press release. Lucid Psycheceuticals is a Canadian-based specialty psychedelic pharmaceutical company focused on the development of therapies to treat critical neurodegenerative diseases. The transaction will be effected by way of an amalgamation between Lucid, FSD Pharma, and a wholly-owned subsidiary of FSD Pharma.
Lucid was founded in 2020 and is developing novel molecules and combinations to address brain health. They are targeting neurodegenerative diseases, such as multiple sclerosis and other brain conditions. The company has exclusive worldwide licensing rights from the University Health Network to a patent-protected family of new chemical entities. Lucid-21-302, the company’s lead neurodegenerative disorders therapeutic candidate, has been derived from these chemical entities.
“The acquisition of a distinctive company like Lucid illustrates FSD Pharma’s vision to build a portfolio of biotechnology assets on a new frontier of medicine that hold the potential to treat mental health disorders and neurodegenerative diseases in a new way,” said Anthony Durkacz, interim CEO of FSD Pharma, in a press release. “Lucid has successfully developed a strong pipeline of novel therapeutic compounds—supported by IP in order to advance to future clinical trials—and we are confident that the experience the Lucid leadership team brings will allow us to immediately start the process towards clinical trials to further advance these promising therapies. This is an exciting venture for FSD Pharma that we believe represents a paradigm shift in the development and outlook of our company.”
Source: FSD Pharma