Psyence Biomed Merging with Newcourt Acquisition in $50M Deal

Psyence Group and Newcourt Acquisition today announced that Newcourt has entered into a definitive business combination agreement with Psyence Biomed. The transaction reflects a pre-money equity value of $50 million for Psyence Biomed.

The target is Psyence's clinical trial division, a life science company pioneering the use of natural psilocybin in mental health and well-being.

If approved, Psyence Biomed expects to receive a minimum of $20 million cash held in trust. Newcourt raised $220 million in an October 2021 . The parties also intend to seek additional financing via a private placement, although no target amount was mentioned in the .

Vancouver-based Psyence currently trades on the Canadian Securities Exchange. The company would begin trading on the Nasdaq if the SPAC deal closes. Read more.


Source: Psyence Biomed Merging with Newcourt Acquisition in M Deal