Lucy Scientific stock rises on deal to acquire psychedelic asset SANA-013
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- Lucy Scientific Discovery (NASDAQ:LSDI) stock rose ~9% on Tuesday after the company said it was acquiring psychedelic assets SANA-013 from Wesana Health in a cash and stock deal.
- Under the agreement, Lucy will acquire intellectual property (IP) and related assets of Wesana's therapy SANA-013, and Wesana's supply of psilocybin which is sufficient to complete all near-term clinical studies, for 1M common shares and $570K in cash.
- Lucy said the acquisition will add drug development capabilities to its existing psychedelics manufacturing business.
- The company noted that SANA-013 is a proprietary combination of psilocybin and cannabidiol (CBD) being developed to treat mental health/CNS-related conditions, including major depressive disorder (MDD), migraine, episodic cluster headaches, and Trigeminal Neuralgia.
- Wesana's CEO Dan Carcillo will join Lucy's executive team to help in the continued development of SANA-013 into first human testing, expected to start in late 2023, according to Lucy.
- The company noted that development costs are expected to be borne by a financial partner.
- The transaction, which is subject to approval of Wesana's shareholders, is expected to close in Q2 2023.