Mentioned:
Johnson & Johnson is making a bet on something new: a 5-MeO-DMT analog drug designed to be non-hallucinogenic.
What’s happening:
- Johnson & Johnson's (NYSE: JNJ) venture capital arm has co-led a $100M USD Series C financing round for psychedelic company Delix Therapeutics
Why it matters:
- This is the first equity investment that Johnson & Johnson’s venture capital arm has ever made in a psychedelic drug development company
Going deeper:
- Delix Therapeutics is currently developing an oral non-hallucinogenic 5-MeO-DMT analog drug which is entering a Phase II clinical trial under a clearance from the United States Food and Drug Administration to allow patients to take the drug at home
- RA Capital Management and Adage Capital Management both participated in Delix Therapeutics’ Series C financing round
The intrigue:
- Christian Angermayer previously invested in the Series A financing round for Delix Therapeutics and is also notably the co-founder of psychedelic drug developer AtaiBeckley which was acquired by Eli Lilly (NYSE: LLY) in a deal worth up to $3.8B USD
