Eli Lilly has agreed to acquire AtaiBeckley, a psychedelics-focused mental health biotech, for an upfront $2.8 billion in cash, with the total potential deal value reaching up to about $3.8 billion if development and regulatory milestones are met.
The deal values AtaiBeckley at $6.75 per share, representing roughly a 26% premium to its closing price of $5.36 and approximately a 40% premium to its 30‑day volume‑weighted average price.
Lilly is entering the psychedelic mental health space to compete with established players such as Johnson & Johnson, gaining access to AtaiBeckley's lead programs BPL‑003 (a psychedelic‑based nasal spray) and VLS‑01 (a DMT buccal film), both in late‑stage development for treatment‑resistant depression and other severe mental health conditions.
The transaction, expected to close in the third quarter of 2026, is subject to AtaiBeckley shareholder approval and customary regulatory clearances, and is financed out of Lilly’s existing cash reserves, underscoring its strategic push into neuroscience and psychiatric therapies.
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