AtaiBeckley

Biotech · Pharma · Mental Health

Acquisition

Eli Lilly to acquire AtaiBeckley for $2.8B in psychedelic depression bet

The deal shows major drugmakers now see psychedelic compounds as a legitimate new class for treatment-resistant depression.

• Eli Lilly agreed to acquire AtaiBeckley for $6.75 a share in cash, worth about $2.8 billion upfront, plus a contingent value right of up to $2.50 a share that could push the total deal to $3.8 billion.
• AtaiBeckley is a clinical-stage biopharma developing rapid-acting neuroplastogens for mental illness, formed when Atai Life Sciences merged with Beckley Psytech in late 2025.
• The lead asset, BPL-003, is a synthetic 5-MeO-DMT nasal spray for treatment-resistant depression that has FDA Breakthrough Therapy designation and has entered Phase 3 trials.
• In Phase 2b testing, BPL-003 triggered an antidepressant response in 66.7% of patients by day two, with effects lasting through 85 days after a single in-clinic dose.
• AtaiBeckley shares jumped more than 30% on the news, and Jefferies analysts estimate BPL-003 could generate $1 billion to $2 billion in sales if late-stage trials succeed.
• The purchase follows AbbVie's deal for up to $1.2 billion to license a psychedelic depression drug from Gilgamesh Pharmaceuticals, and a Trump administration executive order directing faster FDA review of psychedelic therapies.
• A top-five pharma company paying billions for a psychedelic drugmaker marks a turning point for a research field long dismissed by mainstream medicine, potentially accelerating regulatory and insurance acceptance.