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 biotechnology 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 IPO. The parties also intend to seek additional financing via a private placement, although no target amount was mentioned in the press release.
Bayline Capital Partners Inc. is acting as capital markets advisor to Psyence. WeirFoulds LLP is acting as Canadian legal advisor to Psyence. Morgan, Lewis & Bockius LLP is acting as U.S. legal advisor to Psyence. McDermott Will & Emery LLP is acting as U.S. legal advisor to Newcourt.
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.
