Enveric Biosciences Acquires MagicMed Industries
May 24, 2021
Enveric Biosciences entered into a definitive all-stock agreement to acquire MagicMed Industries, a Calgary-based biotechnology company focused on psychedelic-derived drug discovery, in an amalgamation that will make MagicMed an indirect wholly owned subsidiary of Enveric. The deal expands Enveric’s pipeline beyond cannabinoids into psychedelic-derived molecules (psilocybin, DMT derivatives, etc.), includes issuance of Enveric common stock and equity awards to MagicMed shareholders, and contemplates leadership changes with Dr. Joseph Tucker named CEO upon closing.
- Buyers
- Enveric Biosciences
- Targets
- MagicMed Industries Inc.
- Sellers
- MagicMed shareholders
- Industry
- Biotechnology
- Location
- Alberta, Canada
- Transaction Type
- Buyout
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