*UPDATE: Cybin Inc. has since finalized the acquisition of Adelia Therapeutics. Details are available here*
Toronto-based life science company Cybin Inc. announced this morning the signing of an agreement to acquire biopharmaceutical company Adelia Therapeutics. Cybin aims to acquire 100 percent of shares in Adelia, in an all-stock transaction valued at just over $20.16 million CAD, or $15.75 million USD. The transaction, when complete, will broaden Cybin’s presence within the expanding US psychedelic pharmaceuticals market.
“We are thrilled to join forces with Adelia, as we see this transaction as potentially advancing Cybin’s ability to innovate our psychedelic drug development program and diversify beyond major depressive disorder. Adelia’s focus on creating novel therapeutics, including novel delivery methods and innovative therapeutic regimens can support our goal of creating therapies that result in faster onset of action, smoother pharmacokinetic profiles, shorter treatment durations, and reduced side effects. Leveraging Adelia’s expertise across multiple molecules and multiple indications could potentially allow Cybin to extend its reach and capability to address gaps across a larger domain,” said Doug Drysdale, Chief Executive Officer of Cybin, in a press release Monday morning.
Drysdale recently gave a webinar and Q&A with NEO Exchange President and CEO Jos Schmitt, in which he discussed, among other topics, his intention to use a portion of Cybin’s substantial initial raise as a “war chest” for mergers and acquisitions.
The primary focus of Cybin’s drug development pipeline up to this point has been the creation and formulation of sublingual psilocybin films for the treatment of major depressive disorder, or MDD. Truffle Report previously spoke with chief medical officer Jukka Karjalainen regarding this technology, Cybin’s ongoing clinical trials, and on the logistics and implications of the use of psilocybin in treating MDD versus that of conventional antidepressants.
Adelia’s team brings with it a long history of clinical experience, and of academic affiliations with major research institutions such as Harvard, MIT, Yale, Northeastern University, and Stanford. Subject to the closing of the agreement and the receipt of relevant approvals, the acquisition of Adelia gives Cybin substantial new resources to pursue therapeutic and drug development strategies for medicalized psychedelics across a range of other indications.
“Cybin brings complementary resources to the table, and together we can advance our shared goal of bringing psychedelic therapies across a broad spectrum of indications. This transaction positions us well for growth in the public market and gives us access to the capital needed to advance these projects from the bench, through the clinic, and ultimately to the patients who desperately need them. We have a great deal of respect for Doug and his team and look forward to the opportunity to transform the psychedelic therapeutics industry together,” stated Alex Nivorozhkin, PhD, Co-Founder and Chief Executive Officer of Adelia, in that same release Monday morning.
Truffle Report wishes to disclose that Cybin Inc. is a client of our parent company, Puff Digital. The content of this article was not solicited or sponsored in any way.
Further, the author of this piece wishes to disclose that he owns shares of Cybin Inc.
James Stephen is a content contributor at Truffle Report. He studied Politics and International Development at Trent University and completed his Postgraduate Certificate in Book, Magazine, and Electronic Publishing at Centennial College. He has previously worked as a chef, and in his spare time is an author and freelance writer.