Forbes May 31, 2022
Silo Wellness, a publicly traded psychedelics company, has executed a nonbinding letter of intent to acquire Dyscovry Science, a Toronto-based biotechnology company that focuses on biosynthetic manufacturing of psilocybin and its derivatives.
Unlike most of its peers in the psychedelics space, which focus on mental health issues, Dyscovry is targeting a physiological condition: irritable bowel syndrome. In addition, the company has research collaboration with Canadian federal government research laboratories intended to further de development of a biotechnological process for the production of psilocybin and its potentially novel molecule derivatives.
The Deal And The Future
If the due diligence process and definitive agreement are completed, Silo will acquire 100% of Dyscovry’s shares in exchange for 49% of the issued outstanding securities...
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