Enveric Biosciences completed the acquisition of MagicMed Industries.

Enveric Biosciences, a patient-first biotechnology company, completed the acquisition of MagicMed Industries, a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules. Financial terms were not disclosed. "Our proposed acquisition of MagicMed underscores the core fundamental mission of Enveric to form a drug discovery and clinical stage biotechnology company with a focus on bringing forward nature-originated therapies to improve the standard of care and serve unmet needs in oncology and CNS indications," David Johnson, Enveric Biosciences Chairman and CEO.