Eli Lilly announced a deal to acquire psychedelic drugmaker AtaiBeckley for $2.8 billion upfront, with potential additional milestone payments totaling up to $3.8 billion. The acquisition gives Lilly access to AtaiBeckley's advanced psychedelic-based mental health therapies, including its lead intranasal 5-MeO-DMT candidate BPL-003 for treatment-resistant depression now in Phase 3 trials. Lilly will pay $6.75 per share in cash, representing a roughly 26% premium to AtaiBeckley’s prior closing price, plus up to $2.50 per share tied to development and regulatory milestones. The move marks Lilly's boldest entry yet into the psychedelic medicine space and is part of a broader acquisition spree in 2026 leveraging profits from its GLP-1 business. The companies expect the deal to close in the third quarter, pending regulatory and shareholder approvals.
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