Eli Lilly plans to acquire psychedelics specialist AtaiBeckley through a multibillion-dollar deal that shows big pharma’s growing endorsement of a once-dimissed, now rapidly emerging research field.
Per deal terms, Lilly will pay $6.75 up front for each share of the New York-based biotechnology company, reflecting a 26% premium and an equity value of approximately $2.8 billion. AtaiBeckley investors will also receive so-called contingent value rights that could be worth up to $2.50 a share depending on whether select drug programs hit certain milestones. The total value could therefore hover around $3.8 billion.
The companies expect to close their deal before the end of September. If completed, the acquisition would hand Lilly a few experimental drugs that have moved into human studies. The most advanced of those, codenamed BPL-003, just entered late-stage testing as a potential therapy for hard-to-treat depression. BPL-003 is a version of mebufotenin — a molecular cousin to psilocybin, the psychedelic compound found in some mushroom species. A mid-sized study found that a single dose of the drug quickly reduced symptoms of treatment-resistant depression.
AtaiBeckley’s other programs are based on compounds like MDMA and DMT. The company was formed in late 2025, when Atai Life Sciences acquired Beckley Psytech.
