Aug. 30 at 7:26 PM
$CYBN One of the largest publicly traded pharmaceutical companies in the world is putting up a billion dollars for a psychedelic drug. But why?
What’s happening:
• AbbVie (NYSE:
$ABBV) has struck a new deal with psychedelic drug development company Gilgamesh Pharmaceuticals to acquire their novel serotonergic psychedelic drug Bretisilocin for
$1.2B USD
Why it matters:
• This is the first time ever that AbbVie has acquired a psychedelic-derived drug
Going deeper:
• AbbVie will pay Gilgamesh an upfront amount of cash as well as specific drug development milestones as part of the new deal
• Gilgamesh Pharmaceuticals' Phase II clinical trials for Bretisilocin have showed significant validation for Bretisilocin to effectively treat individuals with major depressive disorder, with 94% of patients enrolled in the clinical trial showing remission from symptoms after just two doses.
Sound familiar, Cybin longs?
https://www.thenew.money/article/abbvie-is-spending-a-billion-dollars-to-buy-a-psychedelic-drug
