Psychedelic Drug Firm Gets Rare Endorsement From Big Pharma
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The U.S. arm of a prominent Japanese drugmaker has invested in a psychedelic drug discovery company in a rare endorsement by big pharma of the new and mostly illegal field of drugs.
The McQuade Center for Strategic Research and Development, a U.S. segment of Tokyo-based Otsuka Pharmaceutical Co. that identifies and and invests in early-stage drugs, will fund $5 million for the development of two psychedelic drug compounds from Toronto-based Mindset Pharma Inc., the companies said in a Wednesday statement.