Toronto-based psychedelic life science company Cybin Inc., has announced the acquisition of Adelia Therapeutics, a pharmaceutical company behind the ketamine-based drug Spravato, in a $15.75 million USD all-stock transaction.

“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,” Doug Drysdale, Cybin’s Chief Executive Officer, said in a statement.

Drysdale says Adelia’s focus on novel therapeutics supports Cybin’s goal of creating new therapies in the psychedelic space that can result in “faster onset of action, smoother pharmacokinetic profiles, shorter treatment durations, and reduced side effects.”

This, Drysdale says, could help extend Cybin’s reach and capabilities into a larger market. The acquisition also includes an operating development facility in Boston.

Adelia brings with it a history of relationships with pharmaceutical industry leaders including GlaxoSmithKline, Eli Lilly, Roche, Sanofi, and Pfizer. It partnered with Johnson & Johnson on the development of Spravato. Its founders, CEO Alex Nivorozhkin, PhD and President and CSO Brett J. Greene, worked with Northeastern University’s Center for Drug Discovery in Boston. As well, COO Dr. Michael Palfreyman, is an accomplished pharmaceutical industry veteran responsible for more than 30 successful clinical programs.  

“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,”  Nivorozhkin, said. “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.”

This is Cybin’s first major acquisition since closing $45 million CDN in October when it went public.