Psyence Biomedical to Acquire PsyLabs Stake From Psyence Group

MT Newswires Live09-19 20:18

Psyence Biomedical (PBM) said Thursday that it has entered into a conditional share sale agreement to acquire Psyence Group's 11.13% stake in privately held PsyLabs.

Under the terms, Psyence Biomedical said it would issue shares worth $1.1 million, at $0.55 per share, to Psyence Group.

The transaction is subject to several conditions, including the achievement of a pre-defined product development milestone by PsyLabs by Oct. 31, Psyence Biomedical said.

PsyLabs produces psychedelics for use in research, clinical trials and drug development, according to Psyence Biomedical.

Psyence Biomedical's shares rose more than 9% in recent Thursday premarket activity.

Price: 0.1523, Change: +0.01, Percent Change: +9.57

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