Psyence Biomedical board approves put option agreement with PsyLabs

Psyence Biomedical (PBM) announced that its board of directors has ratified the entry into a put option agreement with PsyLabs, a developer and manufacturer of pharmaceutical-grade psychedelic compounds. The Put Option Agreement grants PsyLabs the right, but not the obligation, to require the company to make a further equity investment in PsyLabs by way of a share-for-share exchange at arm’s length and at fair market value, subject to the terms and conditions set out therein. The Put Option Agreement forms part of a broader strategic and commercial relationship between the parties, including licensing arrangements pursuant to which the company may access PsyLabs’ investigational and commercial-scale manufacturing capabilities.