Life sciences company focusing on developing and delivering psychedelic-based therapies for brain injuries and neurological health issues Wesana Health Holding Inc. (CSE: WESA) is planning to acquire biotechnology company focusing on psychedelics medicine Psychedelitech Inc.
Wesana Health announced having entered into a definitive agreement to acquire Psychedelictec on July 27, 2021.
Wesana Health which largely focuses on psilocybin says this acquisition deal is worth $21 million and it will make Psychedelitech a wholly owned subsidiary of Wesana.
This acquisition will give Wesana access to the three arms of PsyTech, Wesana’s chief executive officer, Daniel Carcillo, says the company is exploring new treatments and medicines for brain injuries and indeed this acquisition with take the company a step closer towards this agenda.
“The acquisition of PsyTech will greatly accelerate our ability to understand, analyze and improve neurological health and performance by providing a data platform on which to build our technical strategy, clinics in which to apply and accelerate our neuroscience research and relationship with many thousands of the practitioners who leverage on our medicine, diagnostics and technology to heal people,” said the CEO.