FSD Pharma To Buy Canadian Psychedelic Pharmaceutical Firm

FSD Pharma Inc HUGE shares rebounded after falling in premarket on acquiring a Canada-based psychedelic pharmaceutical company.
Related: See Why FSD Pharma Terminated COVID-19 Trial
FSD Pharma has agreed to acquire Lucid Psycheceuticals Inc for approximately $9 million (C$11.3 million) in FSD Pharma stock.
Lucid's candidates primarily focus on treating neurodegenerative diseases. Founded in 2020, Lucid has exclusive worldwide licensing rights to a family of new chemical entities from which Lucid-21-302 has been derived.
In addition, Lucid's pipeline includes Lucid-201, a psychedelic drug candidate targeting mental health disorders, and it is also investigating certain cannabinoids.
FSD Pharma will issue approximately 4.5 million Class B subordinate voting shares.
Price Action: HUGE shares are up 6.40% at $1.83 during the market session on the last check Wednesday.