FSD Pharma (NASDAQ:HUGE; CSE:HUGE; FRA:0K9A) agreed to acquire all the shares of closely-held, Lucid Psycheceuticals, for approximately $9-million in FSD Pharma stock.
“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,” Anthony Durkacz, interim CEO of FSD Pharma, said in a statement.
“This is an exciting venture for FSD Pharma that we believe represents a paradigm shift in the development and outlook of our company,” he added.
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’s pipeline includes, Lucid-201, a psychedelic drug candidate targeting mental health disorders and certain cannabinoids.
On closing, Dr. Lakshmi Kotra, co-founder and CEO of Lucid, will lead development of FSD Pharma’s drug development pipeline in psychedelics and medical cannabis.
“We believe our combined resources and experienced teams will position us to enter clinical development programs to deliver highly effective therapeutic products in neurodegenerative disorders and mental health areas,” Dr. Kotra said.
