FSD Pharma (CSE:HUGE, NASDAQ:HUGE) Inc said it has completed its previously-announced acquisition of Canadian psychedelic pharmaceutical company Lucid Psycheceuticals Inc for about C$11.3 million in FSD Pharma (CSE:HUGE, NASDAQ:HUGE) stock.
FSD Pharma said the acquisition provides it with new assets at the forefront of new medicine and represented a 'paradigm shift' in its development.
“The acquisition of Lucid represents a positive and exciting step in pursuit of our strategic objectives at FSD Pharma, as we advance a diversified pipeline of novel, patent-protected drug candidates,” FSD Pharma interim CEO Anthony Durkacz said in a statement.
READ: FSD Pharma to buy pharma group Lucid Psycheceuticals in a stock deal worth US$9 million
“These are leading edge molecules to target therapies for mental health disorders and neurodegenerative diseases in a totally unique way, through the regulatory process,” Durkacz, added.
As well, the company has announced that Dr Lakshmi Kotra, senior scientist at the University Health Network’s (UHN) Krembil Brain Institute, has joined FSD Pharma as Lucid’s new CEO.
Lucid and FSD Pharma are expected to accelerate potential treatment options for patients with multiple sclerosis based on technology developed at UHN.
FSD Pharma is a publicly-traded holding company that owns subsidiary FSD Pharma BioSciences Inc, a specialty biotech pharmaceutical research and development (R&D) firm focused on developing multiple applications of its lead anti-inflammatory drug FSD-201.
The drug is now one of several therapeutics being advanced that could help reduce severe and deadly lung infection in coronavirus (COVID-19) patients.
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