On October 23, 2023, Cybin Inc. completed the acquisition of Small Pharma Inc. via a plan of arrangement under the Business Corporations Act (British Columbia). This transaction, pursuant to an August 28, 2023 agreement, resulted in Small Pharma becoming a wholly-owned subsidiary of Cybin. The deal strengthens Cybin's position in the psychedelics sector, combining their advanced deuterated N,N-dimethyltryptamine (dDMT) pipeline and the anticipated Phase 2 safety and efficacy data for CYB003, a deuterated psilocybin analog.

The transaction, valued through the exchange of 0.2409 Cybin shares per Small Pharma share, led to the issuance of 80,945,300 Cybin shares. Small Pharma shares will be delisted from the TSXV and removed from the OTCQB. Cybin now holds 100% of Small Pharma's issued shares. The merger integrates Small Pharma's expertise and portfolio, enhancing Cybin's capabilities in developing psychedelic-based therapeutics.

Legal counsel for Cybin was provided by Gowling WLG (Canada) LLP, while Aird & Berlis LLP advised Small Pharma, with Jefferies International Limited serving as their exclusive financial advisor.

Doug Drysdale, CEO of Cybin, and George Tziras, former CEO of Small Pharma and now Cybin’s Chief Business Officer, highlighted the strategic synergies and expanded opportunities to advance psychedelic treatments for mental health conditions. Upcoming data readouts for CYB004 and SPL028 are expected by late 2023, with plans for Phase 2 and Phase 3 studies in 2024.