FSD Pharma Announces Definitive Agreement to Acquire Lucid Psycheceuticals

CANNANNEW REPORT

Acquisition Advances Company’s Strategic Plan Toward a Diversified Novel Drug Development Pipeline in Psychedelics and Medical Cannabis TORONTO–(BUSINESS WIRE)–$HUGE #RestoreFSD–FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions in legal psychedelics and medical cannabis, announced today it has entered a definitive agreement to acquire 100% of the issued and outstanding shares Lucid Psycheceuticals Inc. (“Lucid”), a Canadian-based specialty psychedelic pharmaceutical company focused on the development of therapies to treat critical neurodegenerative diseases, for approximately US$9 million (CAD$11.3 million) in FSD Pharma stock (the “Transaction”), as further described below. “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. “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.” Strategic Highlights Founded in 2020, Lucid is developing novel molecules and combinations with the goal of addressing Total Brain Health and targeting some of the most challenging neurodegenerative diseases, such as Multiple sclerosis, and other Brain conditions. Lucid has exclusive worldwide licensing rights from the University Health Network, North America’s largest health research organization, to a patent-protected family of new chemical entities (NCEs), on which Lucid’s development…

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Source : FSD Pharma Announces Definitive Agreement to Acquire Lucid Psycheceuticals

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