08:18 AM EDT, 09/19/2024 (MT Newswires) -- Psyence Biomedical ( PBM ) said Thursday that it has entered into a conditional share sale agreement to acquire Psyence Group's 11.13% stake in privately held PsyLabs.

Under the terms, Psyence Biomedical ( PBM ) said it would issue shares worth $1.1 million, at $0.55 per share, to Psyence Group.

The transaction is subject to several conditions, including the achievement of a pre-defined product development milestone by PsyLabs by Oct. 31, Psyence Biomedical ( PBM ) said.

PsyLabs produces psychedelics for use in research, clinical trials and drug development, according to Psyence Biomedical ( PBM ).

Psyence Biomedical's ( PBM ) shares rose more than 9% in recent Thursday premarket activity.

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