Ensysce expands into neuroplastogenic pain with USD 77m Cy Biopharma acquisition

San Diego-based Ensysce Biosciences (Nasdaq: ENSC) has acquired Cy Biopharma and secured up to USD 77 million in financing, transforming the company from an opioid-focused developer into a broader pain therapeutics player with a clinical-stage neuroplastogenic program for complex regional pain syndrome (CRPS).

Although Ensysce remains the listed entity, former Cy Biopharma shareholders will own approximately 75% of the combined company on a fully diluted basis before the contingent financing tranche, effectively making the transaction a public-market vehicle for Cy's pipeline. The financing comprises USD 21.5 million from a private placement, USD 17.1 million from pre-existing Cy Biopharma convertible notes, and up to USD 38.6 million in milestone-based funding expected to support CY200 development through 2028. The private placement was led by Ally Bridge Group, with participation from Perceptive Advisors, Dellora Investments, Ikarian Capital, and Adage Capital Partners.

CY200 is a Phase II-ready neuroplastogenic 5-HT2A receptor agonist being developed for CRPS Type 1, an orphan pain indication with no approved therapies. Unlike conventional analgesics, the program aims to reverse maladaptive neural circuitry underlying chronic pain rather than simply suppress symptoms.

Ensysce said it intends to continue advancing its existing PF614-MPAR opioid safety program — a trypsin-activated abuse-deterrent and overdose-protection prodrug with US FDA Breakthrough Therapy designation — through the PF614-MPAR-102 study with continued National Institute on Drug Abuse financial support. The acquisition therefore adds a non-opioid neuroplastogenic asset to a pipeline previously focused entirely on next-generation opioid analgesics, broadening the company's exposure across distinct pain mechanisms.

The acquisition broadens Ensysce beyond its PF614-MPAR opioid platform, which combines abuse-deterrent and overdose-protection technologies, into non-opioid neuroplasticity-based therapies. Together, the combined company now spans two distinct approaches to chronic pain treatment. The acquisition also reflects growing industry interest in neuroplastogenic therapies beyond psychiatry. Otsuka agreed earlier this year to acquire Transcend Therapeutics for up to USD 1.225 billion, while AbbVie-backed Gilgamesh continues to advance its own neuroplastogenic pipeline. Ensysce's focus on chronic pain differentiates it from most companies pursuing the modality.

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